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Itemized Deductions Schedule-A


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Old 08-22-2018, 02:45 PM
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gambling log

In my gambling log I have start$, end$, and the net win/loss for that session.(simplified version). I also list my jackpots that occurred in that line item/session. I can't get my head around this. I reported all of my w2g's on taxact where I was told to. Now have to add other winnings and losses.
So my question is for example:
Monday start$=400 end$=700 Win=$300 for that session. However in the middle of the day I won $2000 and got a w2g but blew thru it. How do I report that?
Tuesday start$800 end$3000 Win=$2200 but again I won $2000 in the middle of that session.
Seems like I'm double reporting if I include the +$2200 net session win AND the w2g for $2000.
Should I subtract jackpots from the end cash for that day?

see here:
https://drive.google.com/open?id=1zv...XO48xw2pmfH28s



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Old 08-22-2018, 05:51 PM
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In my gambling log I have start$, end$, and the net win/loss for that session.(simplified version). I also list my jackpots that occurred in that line item/session. I can't get my head around this. I reported all of my w2g's on taxact where I was told to. Now have to add other winnings and losses.
So my question is for example:
Monday start$=400 end$=700 Win=$300 for that session. However in the middle of the day I won $2000 and got a w2g but blew thru it. How do I report that?====>> so you need to report 2.3K gambling winnings on your 1040 line 21; Not all gambling winnings are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount.The payer may give you a Form W-2G. They also send a copy of the W-2G to the IRS. They must issue the form based on the type of gambling, the amount you win and other factors. You?ll also get a form W-2G if the payer must withhold income tax from what you win. You normally report your winnings for the year on your tax return as ?Other Income.? You must report all your gambling winnings as income. The full amount of your gambling winnings for the year must be reported on line 21, Form 1040.



Tuesday start$800 end$3000 Win=$2200 but again I won $2000 in the middle of that session.
Seems like I'm double reporting if I include the +$2200 net session win AND the w2g for $2000.
Should I subtract jackpots from the end cash for that day?======>as mentioned above The bottom line is that your winnings from any gaming activity are expected to be reported to the IRSyou need to report $2.2K as our gambling income. When you have a win equal to or greater than $1.2k you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5kas long you supply your SSN#. If you don?t provide yourSSN#, the casinos withhold 28 % on small jackpots. In addition to federal taxes payable to the IRS, many state governments tax gambling income as well. Each state has their own unique formulas and rules for gambling income, and some levy no gambling taxes at all.



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Old 08-22-2018, 09:30 PM
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So just report my winnings from my log and don't add-in any W2g amounts. Just include those with the return.



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Old 08-23-2018, 10:27 AM
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Quote:
Originally Posted by turin07 View Post
So just report my winnings from my log and don't add-in any W2g amounts. Just include those with the return.
As said Gambling winnings are fully taxable and must be reported on your tax return.youneed to report the whole amount in your log ( add in the amt in the W2G aso) and need to report them on your 1040 when you file your return. Generally, you will receive a Form W-2G if you receive:$1,500 or more in proceeds , i mean ,the amount of winnings less the amount of the wager, from keno;



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Old 08-24-2018, 02:54 AM
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Still makes no sense mathematically. If I start the day with 100, win a jackpot 2000, get the W2, keep wagering and make another 600. My log now shows that in that session I earned 2600 (net $). So I enter the 2000 from the W2 AND the 2600 from the log?

Claiming $4600 on the 2600 I earned? That's my question.



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