HORSEPLOP.COM
General Category => Harness Racing => Topic started by: talkstohisself on January 10, 2025, 11:21:53 AM
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can you
deduct losses against certain winning even if you take the standard deduction
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Are you talking about gambling winnings/losses or horse ownership winnings and losses?
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If you a bettor and it appears you a small one.
What the F... are youseeses talkin about. IRS do not CARE and if you want to go ahead on small amounts you put yourself in jeopardy for maybe a AUDIT. But I doubt it as small bettors they would ignor.
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gambling had a signer for from a pk 5 and the federal withholding are 10k no nys tax was withheld
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can you
deduct losses against certain winning even if you take the standard deduction
No, you must itemize
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can you
deduct losses against certain winning even if you take the standard deduction
I don't believe so. Be sure...ask your CPA/accountant.
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no
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I know this answer 100%. If they took taxes out then fill the longer itemized form. Whatever they took out in taxes you will receive back if you claim losses. You can only claim losses up to your winnings. Then while you are in there you can itemized work clothes, charities, union dues, mileage to work etc but the big one is the money they took out. IF YOU DO NOT file the long itemized form and you won enough money to put you in another tax bracket then your entire yearly income will be taxed at that inflated level. Just make sure you collect losing tickets in case you are audited. I have never been audited and I claimed losses about 12 times.
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You must file an itemized federal tax return to do that. You would only worry about that on a big hit of odds of 600 to 1 or greater where they withhold taxes at the time you collect. You can only claim losses up to the amount you won and its a good idea to have proof such as losing tickets and programs in case of an audit.
Some states will not allow gambling losses, and they will keep that money, NYS is one.
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Even if you itemize deductions, if you don't have enough other ones besides these, you wouldn't get any benefit out of doing it and would have to pay the taxes on it.
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I know this answer 100%. If they took taxes out then fill the longer itemized form. Whatever they took out in taxes you will receive back if you claim losses. You can only claim losses up to your winnings. Then while you are in there you can itemized work clothes, charities, union dues, mileage to work etc but the big one is the money they took out. IF YOU DO NOT file the long itemized form and you won enough money to put you in another tax bracket then your entire yearly income will be taxed at that inflated level. Just make sure you collect losing tickets in case you are audited. I have never been audited and I claimed losses about 12 times.
100% correct. I knew a huge gambler that kept his loser stapled to program and then through in garbage bag.
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If you a bettor and it appears you a small one.
What the F... are youseeses talkin about. IRS do not CARE and if you want to go ahead on small amounts you put yourself in jeopardy for maybe a AUDIT. But I doubt it as small bettors they would ignor.
John, thank you so much for that enlightening reply!
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Under gambling winnings put that amount in that box.
Then in gambling losses put in that same amount.
On the note or attachment you can put "Gambling loses offset by winnings kept by daily log.
You will not get audited or in any trouble.
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Under gambling winnings put that amount in that box.
Then in gambling losses put in that same amount.
On the note or attachment you can put "Gambling loses offset by winnings kept by daily log.
You will not get audited or in any trouble.
That might work for many people, but if you are audited for other reasons, you had best have the proof of losses that you used to offset the winnings.
Gambling winnings
A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040) PDF), including winnings that aren't reported on a Form W-2G PDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.
Gambling losses
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
Also, the reporting threshold for the entity that with-holds is either 300-1 ratio of winnings to bet (which would be $600 on a $2 ticket) OR other amounts depending on the venue and nature of winnings..(i.e. if you win money in fantasy sports) and those venues may not with-hold, but just report the winnings.
As has been noted, for racetrack or any other reported winnings, having programs with stapled tickets (that don't have footprints on them) is a good idea if you are dealing with a large amount. The Cloud Casino tabletops at Roosevelt were always swept clean by the 10% Superfecta cashers ;>>)
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You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
I he is using a rewards program or a registered account to wager, the venue will be able to print out his activity at the end of the year. If he is wagering cash, he will have to have losing ticket to prove his losses.