To join in on this discussion, you must first log in.

Discussion:Gambling Losses

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Tax Questions --> Gambling Losses


Tsholly (talk|edits) said:

25 February 2006
Taxpayer has $6000 in gambling winnings and gambling losses greater than $6000. Taxpayer cannot itemize. Does he get the benefit of the losses? I say no, but not 100% certain. Thanks.

Skhyatt (talk|edits) said:

25 February 2006
Yes, can deduct gambling losses to the extent of winnings only. Report on Sch A, line 27. Not subject to 2% AGI limit. Make sure you have good records to document the losses.

Skhyatt (talk|edits) said:

25 February 2006
Whoops, can't itemize, guess I should read better. As you say, can't deduct.

Warren (talk|edits) said:

25 February 2006
What kind of records do your clients have to document gambling losses? I wish my clients kept records of it, but unfortunately they don't. I've have one client this year with 7 1099G forms and no records of any losses. Total was about $17,500 in winnings and with deducted $17,500 with no documentation. He did lose more than he won. My thinking is that in virtually 100% of cases people with multiple 1099G forms for small amounts have lost money. I've never had it come up in an audit but I have never once thought that my client had sufficient evidence to prove losses.

Dennis (talk|edits) said:

1 March 2006
AMT consequences avoidable only with professional gambler status.

Can be painful.

Ckmcpa (talk|edits) said:

1 March 2006
If you put the $6,000 (not subject to 2% limitation) on Sch A - will your client THEN be able to itemize? Otherwise it is lost.

RSRAGENCY (talk|edits) said:

1 March 2006
Not sure where your clients 'won', but here in NJ I always make sure the winner obtains a gain/loss statement that the casinos readily supply.....IF...it's lottery winnings/guess they just have to save ALL those tickets........

To join in on this discussion, you must first log in.
Personal tools