Gambling Winnings I have a w2 for $4400 in gambling winnings for prior year. However, according the casino, I put in 100000 in slots but only received 92000 back giving me a 8000 loss. The 8000 loss plus the w2 winnings results in 3600 net loss. I must report the 4400 has other income on my 1040 but since I did not itemize that year I am told I have to pay tax on all the 4400 winnings though in reality i had a loss in the tax year. If I had itemized, my total deductions would have been around 2500 +4400 in losses = 6900 vs std deduction of 6200. I would only be able to add 4400 has gambling losses on schedule A instead?
Is there away around not paying any taxes since I indeed had a loss? |