How do I add my W-2G

Question

I have received numerous W2G, total winnings of $47,842, but I have lost $70K, do I submit my 2023 taxes as "standard deductions" and add winning and loss.  Or do I need to do Itemized deductions in order to capture the loss?  Any help will be appreciated.  Thanks!

JMSSGV · Accepted Answer

You have to itemize your deductions in order to claim gambling losses. And the amount you can claim is limited to the amount of your winnings. Since your losses well exceed the standard deduction, it is definitely to your benefit to itemize. Then you can also deduct mortgage interest, state and local taxes, charitable contributions, and medical expenses in excess of 7.5% of your adjusted gross income.

PhillipB · Accepted Answer

Hello, and thanks for joining our community.

You will be itemizing your deductions in order to claim the gambling losses on your return. Further, remember the losses are only deductible up to the sum total of your winnings. You would be able to deduct 47,842 of your 70k losses.

Let us know if there is anything else that we can help you with.