If he itemized he can put the $1250 win on form 1040 as other income and use a loss offset on Schedule A to offset the W2-G. If he doesn't itemize the Standard Deduction you take is assumed to include gambling losses so he has to report the full $1250 jackpot as income. If he doesnt he can expect to get a bill from the IRS for the missing W2-G. Some may attempt to net the W2-G and losses all on the same line on form 1040 calling it all one session. I don't think the IRS is going to buy it in his case. Is he reporting all of his other gambling wins and losses during the year? He may be a loser for the year but chances are those losses didn't happen on the same trip and if he doesn't itemize he can't use them to offset the W2.
__._,_.___
Posted by: vpbp2002@yahoo.com
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (2) |
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.
SPONSORED LINKS
.
__,_._,___
