Claim the W-2G's as income (150K) and deduct all losses (145K) as an itemized deduction.
On Friday, August 15, 2014 1:25 PM, "lizurdlips@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
Hello, I rarely if ever post in this group, although I have been a member for many years.My questions concerns gambling income taxes.Let's say I receive a total of $150,000 in W2G's. Yet, my total win for the year is only $5,000.When filing 1040, do I use $150,000 as other income/gambling win, and then claim a loss of $145,000 when itemizing?Or do I add the $5000 actual yearly win on top of the $150,000 W2G figure for a total win of $155,000, and then claim a loss of $150,000?I just read Jean's book and I am more confused than ever. Thanks for any help clearing this up.
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Posted by: Ernie Mayhorn <e_mayhorn@yahoo.com>
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