Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 04-12-2017, 10:13 PM
Junior Member
Join Date: Apr 2017
Posts: 2
How to offset gambling win with losses?

I won 5000 dollars while gambling in 2016. The winning was reported to IRS. But overall, I lost 10000 dollars in 2016. So while filing tax, why my gambling deduction is not offsetting the gambling winning? The creditkarma tax system recommended to choose the standard deduction of 6400 vs itemized deduction of 5000(that was the max I could claim my losses). If I do not report gambling win, I owe around 250 dollars federal tax but when i report gambling win, I owe more than 1500. Since I lost more than what I won, I should not be owing any gambling tax right? I am confused. Please help. Thanks!

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
How to offset gambling win with losses? lamopuri Itemized Deductions 1 04-15-2017 09:00 PM
Any way to offset some of my capital losses? babaganoosh For 2016 0 12-29-2016 11:44 PM
When can an Individual offset real estate losses against other income? Mandy Rental Real-Estate 0 01-06-2009 11:16 PM
Gambling Income and Losses Samatg General 0 02-17-2007 03:04 AM
Offset Capital Losses with Rental Income yhanalla Capital Gains 1 01-26-2007 11:31 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning