2007-12-24 16:20:24 · 5 answers · asked by bjr4613 1 in Business & Finance ➔ Taxes ➔ United States
At most, you can only claim losses up to the amount of your winnings - so no, you can't increase your refund by claiming them. You are required to claim the gambling winnings. You can only claim the losses, and then at most only $10K of them, if you itemize. There are other rules also that must be met in order to claim the losses.
2007-12-24 16:31:53 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
In all likelihood, your tax bill will go up and your refund will *decrease* due to these gambling winnings.
You must report the gambling winnings on the 1040 line 21 "other income"--if you can document your losses, you can put 10,000 on your schedule A (you are limited to the amount of your winnings) and if you weren't already itemizing, you will find that your income went up, your tax bill went up and your refund went DOWN.
2007-12-25 00:39:51 · answer #2 · answered by Anonymous · 1⤊ 0⤋
No. You can only claim your winnings up to the amount of your losses.So your $10,000 winnings will not be taxable if you have documentation of your losses and you are able to use a Schedule A (itemized deductions). Guess what happens if you are not able to use a Schedule A? Then all of your winnings will be taxable and reported on Line 21 on your 1040 form and all of your losses will not be used.
2007-12-25 10:48:07 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
You will need to claim both your winnings and losing up to your winnings.
There will be no difference on your taxes. However, you should claim both the income and the losses in case you ever get audited.
2007-12-25 09:09:59 · answer #4 · answered by Steve 6 · 0⤊ 0⤋
no cant claim losses and cant carry them over till next year. gov't doesnt consider gambling an effective money making activity to give it special consideration( such as capital gains and losses).
2007-12-25 01:37:26 · answer #5 · answered by blktan24 3 · 0⤊ 2⤋