Do you need to report gambling winnings if you didn't win over $300 per gambling session?

DarrenMcShane
DarrenMcShane Member Posts: 1 Newcomer
in Income

Do you need to report gambling winnings if you didn't win over $300 per gambling session and you lost the same amount during each gambling session. example: bought in for $50, gambled for an hour, won $50 for a break even session? Never won over $300 at a time and never got a W-g form. 

Tagged:

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 597

    Hi DarrenMcShane,

    Gambling income is reported even if you win $1 and you did not get a W2-G. Gambling losses are an Itemized Deduction and may be deducted up to the amount of winnings. If you do not have enough Itemized Deductions, then you use the Standard Deduction.

Categories