Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


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

Hello all,
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
  #2 (permalink)  
Old 04-15-2017, 09:00 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
you can claim only up to $5K on SCh A of 1040 aslongas you itemize deductions on your return; Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. If you claim the standard



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
Ads
Reply



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
Any way to offset some of my capital losses? babaganoosh For 2016 0 12-29-2016 11:44 PM
Do K-1 Losses offset Short Term Capital Gains? jvc714 For 2014 1 11-26-2014 03:40 AM
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
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.