Menu

Gambling losses

Home The Lounge Gambling losses

  • Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1666
    Joined: 02/11/2019

    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.”

    #236205 Reply
    Avatar orthodoc2018 
    Participant
    Status: Physician
    Posts: 74
    Joined: 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.

    #236222 Reply
    Avatar DavidGlennCPA 
    Participant
    Status: Accountant
    Posts: 33
    Joined: 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) 321-5664

    #236226 Reply
    Liked by Lordosis
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4482
    Joined: 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 2011

    #236229 Reply
    Avatar Panscan 
    Participant
    Status: Resident
    Posts: 1018
    Joined: 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

    #236232 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1666
    Joined: 02/11/2019

    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.”

    #236255 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3456
    Joined: 01/14/2017

    I can’t imagine why the government would incentivize gambling. $$$$$$$$$$$$
    🙂

    #236364 Reply
    Liked by Lordosis
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1666
    Joined: 02/11/2019

    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.”

    #236598 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3456
    Joined: 01/14/2017

    Talking about the lottery. And the fact that they know it brings in tax revenue otherwise.

    #236667 Reply
    Avatar ajm184 
    Participant
    Status: Other Professional
    Posts: 612
    Joined: 07/14/2017
    Those 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.

    #236722 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1329
    Joined: 03/27/2017

    You shouldn’t have gambling losses.

    #237216 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1666
    Joined: 02/11/2019

    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.”

    #237257 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1329
    Joined: 03/27/2017

    My winning formula is not to gamble.

    #237905 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1666
    Joined: 02/11/2019

    Can’t argue with that logic.

    “Never let your sense of morals prevent you from doing what is right.”

    #237907 Reply

Reply To: Gambling losses

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear