I rarely gamble. However I did recently and lost a couple hundred bucks. Took a few hours and I had fun so no biggie.
My understanding is that these losses can only be used against gains I made this year correct?
So far I have no gains so unless I play done more basically there is nothing to do tax wise.
“Never let your sense of morals prevent you from doing what is right.”August 4, 2019 at 10:07 am MST #236205orthodoc2018ParticipantStatus: PhysicianPosts: 74Joined: 07/18/2018
I believe that’s correct. And even that would only apply if you earned enough that you’d actual report it (I think casinos issue tax paperwork and report when winnings are >$600). Though I would imagine for most table games they don’t even report that bc they don’t track how much each player walks in and out with.August 4, 2019 at 11:29 am MST #236222DavidGlennCPAParticipantStatus: AccountantPosts: 33Joined: 06/12/2019
Gambling losses go on Line 16 of Schedule A as an itemized deduction and are limited to your winnings. You should report gambling winnings in full on Line 21 of Schedule 1 as Other Income.
There’s not really a true offset here as the winnings are always reported in full but you already need to be itemizing to get any benefit for your losses. If you already itemize then the losses will offset your winnings.
David Glenn, CPA | Glenn Advisory
https://www.taxcpafordoctors.com | (808) 321-5664The White Coat InvestorKeymasterStatus: PhysicianPosts: 4482Joined: 05/13/2011
I believe that’s correct. And even that would only apply if you earned enough that you’d actual report it (I think casinos issue tax paperwork and report when winnings are >$600). Though I would imagine for most table games they don’t even report that bc they don’t track how much each player walks in and out with.Click to expand…
Just because the casino does not issue paperwork does not mean you do not owe taxes on winnings.
Kind of lame that you can only deduct losses up to the amount of gains, but I guess that’s just one more way to discourage gambling.
Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011PanscanParticipantStatus: ResidentPosts: 1018Joined: 03/18/2017
Yes I’m not sure why the government would incentivize gambling…
Op only solution is to play more and win it back
I am good. Got my fix for the year. $200 got me 3 hours of excitement playing craps. Probably will not play again until the next bachelor party or someone turns 21.
I joked that I was rusty to the stickman when I got there because I always forget the protocol. He said gambling was a good thing to let yourself get rusty on. Gave me a good chuckle. I tipped well, it was a good crew that night.
Secondary question. Those that gamble how much and how do you tip. I throw a buck in the hard ways for the dealers somewhat randomly throughout the night.
“Never let your sense of morals prevent you from doing what is right.”August 4, 2019 at 1:58 pm MST #236255ENT DocParticipantStatus: PhysicianPosts: 3456Joined: 01/14/2017
I can’t imagine why the government would incentivize gambling. $$$$$$$$$$$$Click to expand…
Is current policy really an incentive? It allows you to only pay tax if you make more then you lost in a year. Now if you could deduct losses from your income tax that would be an incentive!
“Never let your sense of morals prevent you from doing what is right.”August 5, 2019 at 1:42 pm MST #236598ENT DocParticipantStatus: PhysicianPosts: 3456Joined: 01/14/2017
Talking about the lottery. And the fact that they know it brings in tax revenue otherwise.ajm184ParticipantStatus: Other ProfessionalPosts: 612Joined: 07/14/2017Those that gamble how much and how do you tip.Click to expand…
My game is blackjack, tip is based on ‘big’ wins; blackjack, splitting or doubling and winning, a lucky suck out, etc. Of course I only play at $5 tables in Vegas so don’t get much opportunity to play (4x plus one international trip), but I’ve always been between breakeven and my $350 up in Aruba (which I converted to a box of Ciuban Montre Criscos (sp?)) with tips.August 5, 2019 at 7:30 pm MST #236722HankModeratorStatus: AttorneyPosts: 1329Joined: 03/27/2017
You shouldn’t have gambling losses.
You shouldn’t have gambling losses.Click to expand…
Do you have a winning formula or just do not gamble?
“Never let your sense of morals prevent you from doing what is right.”August 8, 2019 at 5:49 am MST #237257HankModeratorStatus: AttorneyPosts: 1329Joined: 03/27/2017