I won $1800 at the Casino and now want to get win/loss statements from other casinos.

Vanzeell

We file jointly, can both of us use win/loss tatements or only me?

MeganC

Hi Vanzeell,

If you file jointly, both you and your spouse can report gambling income and deduct gambling losses on your tax return, but only to the extent of the gambling income you report. Win/loss statements can be used to substantiate gambling activity for either spouse, as long as the losses you’re claiming correspond to the income being reported.

For example, if you report $1,800 in gambling winnings, you can claim up to $1,800 in gambling losses as an itemized deduction on Schedule A, provided you have documentation (like win/loss statements) to support it. The IRS does not allow you to deduct losses exceeding the reported winnings.

For more information, refer to IRS Publication 529. https://www.irs.gov/forms-pubs/about-publication-529 .

AndyS

Winnings are reported as income at both the state and federal level. While federal does offer an itemized deduction to offset those winnings with your losses, it depends on your state if something similar is offered on that return.

JohnW

In most cases the winnings will reported on the state returns but it depends on the state.

The IRS Covers gambling winnings and losses on the following page https://www.irs.gov/taxtopics/tc419 .

You will need to itemize to claim the loss. On the Tax Topic Page the IRS States:

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."

Vanzeell

Thank you. A follow up, are winnings reported on both state and federal and will I need to itemize?

Vanzeell

https://community.freetaxusa.com/discussion/comment/3625#Comment_3625

Extremely helpful and detailed. I thank you!