Gambling Wins/Losses

by Michael
(Ohio)

I am claiming $1600 in winnings. Will claiming $1600 in losses reduce my taxes owed?

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Gambling Winnings

Gambling Winnings

Gambling Winnings

If gambling winnings are offset by gambling losses, are there any other ramifications?

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Gambling Winnings

by Dave
(St Louis MO)

In 2010 I was a loser playing video poker until the month of December when I hit 6 video poker jackpots totaling $ 32,000.

My win loss statement from Harrah's shows the $32,000 in w2's and gives my total winnings as $17,000.
The difference is the $15,000 I lost before December.

Since my win loss statement shows $17,000 as my total winnings, can I send the IRS the win loss statement and enter the $17,000 on my 1040 as other income or do I need to file a schedule A and show the $15,000 as a loss under other misc deductions.

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