William,
You were never able to completely offset taxable jackpots with losses unless your other itemized deductions exceeded your standard deduction. New standard deductions are 12,000 single and 24,000 married. If you have zero itemized deductions you will pay additional tax on either 12,000 or 24,000 in imaginary income beyond your real income at the top of your tax bracket. It may even kick you into a higher tax bracket.
Most people have some itemized deductions, but only a small number will now have more than the new standard deduction. You will be one of those people because you will have 40,000 in gambling losses to report. Make sure you include every possible itemized deduction or next year try to avoid W-2Gs by playing lower denominations.
Chris
Posted by: cy4873@hotmail.com
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