mucre@yahoo.com wrote:
>If an individual with NO other income declares $10,000 in W2-G Gambling Winnings and also declares $10,000 in gambling losses, does he/she have to pay any income taxes on the gambling winnings? Does it make a difference in the amount of taxes paid (if any) on gambling winnings for an individual in same scenario who declares 100,000 in additional income? I always thought that if you declare the same amount of gambling losses as gambling winnings, you would not be taxed, but TurboTax computes a tax on gambling winnings even if you declare the entire winning amount as a loss.
Another issue, which I recently learned about the hard way, is that
high enough itemized deductions will trigger an alternative minimum
tax, although, for all I know, it may not apply to gambling losses.
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