Are Gambling Losses Deductible on Your Taxes?

Gambling winnings are taxable, but what about gambling losses?
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

[@SnowCrust]

Its hard enough to beat the house u gotta lower your chances of winning by paying taxes too. Im done gambling

[@susanschnelzer68]

It's also important to mention that IRMAA is a factor for anyone over 63. Gambling wins reported on a W2G over $1,200 count towards the income calculation and will not be offset by losses. This extra income can push you into a higher bracket which will result in a higher Medicare cost.

[@Eric-tb2je]

Question: Does a W2G count for earned income and can potentially put you over the yearly dollar amount to qualify to a IRA contribution?

[@EmmanuelGlemaud-du2un]

Do irs could claim your file 1040 or helps to make it
?

[@jimlewis5477]

So if your standard deduction is more than what I would have on itemized deductions with the slot winnings then even if I lost more than I won, I am subject to pay taxes on my winnings and cannot deduct the losses. I won 1,581.00 in a casino in Alabama and I live in Georgia. I realize I have to file Alabama State non resident taxes. I can claim those taxes paid in Alabama on my Georgia State taxes and only in essence pay one state tax. Can I take gambling losses from the lottery in Georgia against my slot winnings in Alabama?

[@giovannirodriguez8109]

Question. If my taxable slot winnings are $120,000 but my win/loss statement says I have a net loss of $38,000, do I still have to pay taxes on those winnings?

[@justagirl5040]

This shit should be illegal... I hate I ever got involved in gambling.... I'd rather be a shopaholic.

[@michaelp2989]

@@justagirl5040 You are soooo right....

[@user-lw8bk5ns2s]

is everyone able to itemize ? It sounds like only certain people can, who can and who can't itemize the losses.

[@chrischarles6918]

what if they already taxed you before you get the money, but at the end of the year you have lost more then you have won. Do you get what you already paid in taxes

[@MJNapsTTV]

Somehow I’m even more confused after watching this

[@zahste5896]

same did u figure it out if you did please explain

[@galbenlol]

So if I'm understanding it correctly, if I go once to the casino in a calendar year with $10,000 and lose $5,000 without winning a jackpot - then this cannot be deducted from taxes. However, if I take $10,000 and in total lose $5,000 but win two jackpots for $2,000 each and the casino gives me a W-2G form, I can deduct the amount I'm taxed on the W-2G forms by $4,000 since I technically lost $1,000. Essentially I won't have to pay taxes on the W-2G form winnings, but am still out $1,000?

[@kraftmachine825]

I’m really interested too 😮

[@robertdeppe3747]

Ooof we 3 minutes in. And I dnt think we needed any of this yet

[@Dfsnprops]

Say I won 17000 they took 6000. My losses are 14 k counting that 17000 that I won. What do I do

[@huntermay2704]

Hey Man I wagered like 3 million this year I won 151 grand once or twice this year they took the tax out right away i need help cause I thought I won 250k and they said no it was 151 so I think they took out 100k instead of 65 k

[@KarlaJammin]

I was informed to never let the casino take out taxes because if you lose more than you gain it will balance out

[@lucianoromero777]

Luckily All I do is lose 😢

[@KarlaJammin]

And lose a lot. The majority of us lose more than we gain and uncle sam still comes after you for the little you gain. The question we should ask is worth it?

[@realitymaker5321]

Very bad explanaition. You have toshut down the speed of speech and explain exact ppeople interest. Nobody need long video. The explanationmyst be for not educated people. Sorry. Not good