2006-09-28 15:14:45 · 4 answers · asked by vegasnites77 2 in Business & Finance ➔ Taxes ➔ United States
Gambling losses can be deducted up to the amount of gambling winnings but only if you itemize.....and, of course, only if you actually sustained the gambling losses.
2006-09-28 15:21:53 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋
When you win a sizable jackpot the casino gives you a 1099G and they report that amount to the IRS. That money is taxable. If you itemize your deductions on Schedule A you can take your losses up to a limit of your winnings. Proving your loss can sometimes be a little difficult. Most casinos that use any type of frequent player card will have a record of your loss for the year and they do provide that on request. I have known people that gamble frequently that never go to the casino without making a withdrawal from the ATM machine. At the end of the year they add up all of those receipts and claim that amount as their loss. that requires a little preplanning and caution if the casino has a better tracking system.
2006-09-29 01:44:41 · answer #2 · answered by ? 6 · 0⤊ 0⤋
NO, you can't write it off, you can off set it with gambling losses but Nooooo you got to pay baby.
2006-09-29 09:07:29 · answer #3 · answered by Kenshin 5 · 0⤊ 0⤋
You can offset it on your gambling losses (you'll need receipts).
You might be able to spread it out over a few years.
2006-09-28 22:22:13 · answer #4 · answered by Pseudo Obscure 6 · 0⤊ 0⤋