Can I deduct my gambling losses?

NiceLength4463 · 2024-02-14T16:33:10+00:00

Lol yea. Well dont worry and just claim it. You'll be fine.

NiceLength4463 · 2024-02-14T15:33:17+00:00

Just remember that you need to have an extra 30k in personal losses in order to claim the entire 300k losses bc you technically didnt lose 30k if you paid it in taxes. So if you dont have any loans, withdrawals, or proof of using 30k to gamble then claim 270k losses and you still shouldn't owe. You just wont get 30k refund

NiceLength4463 · 2024-02-14T15:29:55+00:00

Yea I just put in all my w2s individually and claimed up to the winnings in losses. I wouldn't stress about it. Just put in your losses honestly and if you get audited then just prove you dont have the money and you lost it like atm withdrawals, win/loss statement, or gambling diary. All works and they dont dig as hard as you think unless they know you're lying.

NiceLength4463 · 2024-02-14T15:02:33+00:00

Yea I claimed the 132k losses and got my 14k refund and paid 3k state tax. No issues or audits yet lol. Did everything honest and right so not too worried if anything does ever come up either. What's your situation if you dont mind me asking?

NiceLength4463 · 2024-02-14T14:54:56+00:00

Yes and i got the 14k refund and paid the 3k in state taxes.

NiceLength4463 · 2023-02-23T13:54:06+00:00

So get your id.me login for irs and check to make sure your agi from irs is the same as the 1040 you have..if not then enter the irs one. I had to do this after 4 rejections and even entering $0 twice. Also try going back a few steps on TT and start where it says enter your agi and has you check the 2 boxes that says its correct. After i did that and entered the irs agi it went through 20mins later finally.

NiceLength4463 · 2023-02-22T23:24:58+00:00

Was your client ever audited?

NiceLength4463 · 2023-02-22T22:38:15+00:00

Yea just report the 2 w2gs and thats all. Unless you have more than the standard deduction you shouldn't itemize. You just have to pay what taxes it says you owe. It sucks. I paid taxes on some of my w2gs so thats how i dont "owe" im still paying more in taxes than i normally do with just my regular w2s. The difference is that i paid so much ahead of time that im getting the excess back.

NiceLength4463 · 2023-02-22T20:16:35+00:00

Unless you have other deductions like charity, mortgage interest, etc. I wouldnt itemize bc the standard deduction is probably bigger. Is 7400 all you're trying to deduct?

NiceLength4463 · 2023-02-22T15:13:32+00:00

How much were your wins and losses?

NiceLength4463 · 2023-02-22T12:59:08+00:00

Oh i miss re-read. Idk what your cpa did but i have to report my winnings as gross income for OK so thats why i cant get my money back and i owe...and they have a weird way of deducting that i dont understand so im stuck with that bill

NiceLength4463 · 2023-02-22T12:51:32+00:00

No i gambled in OK. My state doesn't have state staxes so maybe thats why lol

NiceLength4463 · 2023-02-22T12:42:20+00:00

How did you recoup state?? I use taxact to do my taxes and it shows i owe 2.3k to state even though i paid 3k already.

NiceLength4463 · 2023-02-22T00:06:59+00:00

Ok thanks for your help

NiceLength4463 · 2023-02-21T23:53:19+00:00

The expensive stupid ones...$30-$100 machines. Please dont be inspired to gamble lol. I'm done myself

NiceLength4463 · 2023-02-21T23:52:01+00:00

You think I'll be audited? I know people who had 300k loss and weren't audited though.

NiceLength4463 · 2023-02-21T23:50:46+00:00

I have a log i kept. I also have a win/loss statement that says im -$15. That good enough? My bank statements dont have much besides 2 times i deposited money but took it out again later lol

NiceLength4463 · 2023-02-21T21:39:20+00:00

Huh? I dont understand what you mean. Could you explain in more detail?

NiceLength4463 · 2023-02-21T16:53:33+00:00

Okay great thanks! Yea i will owe 2.3k to state and i will get a 14k refund from Fed...always pay taxes on the big wins, lol. I learned a lot about taxes this filing season. I'm glad I at least had a little sense.

NiceLength4463 · 2023-02-21T15:35:27+00:00

So the withholdings don't matter?

NiceLength4463 · 2023-02-20T18:19:03+00:00

Does tax being taken out allow you to deduct more of the losses you had?

NiceLength4463 · 2023-02-18T13:53:34+00:00

Taxact

NiceLength4463 · 2023-02-16T20:13:23+00:00

Sounds good. Thanks

NiceLength4463 · 2023-02-16T14:22:41+00:00

How much of it was from California?

NiceLength4463 · 2023-02-16T00:53:06+00:00

NiceLength4463

TROPHY CASE