Gambling Wins/Losses Income Tax Question

by Michael
(Ohio)

Gambling Wins/Losses

I am claiming $1600 in winnings.

Will claiming $1600 in losses reduce my taxes owed?

Gambling Winnings Income Tax Question

Gambling Winnings

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

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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