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Gambling win

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GoodListener

Junior Member
What is the name of your state? CA

A gambling win reporting question.

In 2004, a taxpayer:

(1) He hit a jackpot in a slot machine and received a Form W-2G for it at the amount of $2,000.
(2) He also had some minor gambling wins at the total of $500 which the casino did not issue him Form W-2G.
(3) He also had gambling loss of $300.

How much does he have to report as gambling win on line 21 of Form 1040?
 
Last edited:


Snipes5

Senior Member
He reports all his winnings. He can deduct losses on Schedule A, miscellaneous deductions not subject to the 2% AGI floor.

Snipes
 

Bigddy24

Junior Member
well there are a couple of questions at hand here.

Did the taxpayer use any type of card to track play and receive comps?

If the taxpayer used this type of rewards card or member card you can receive a statement from the casino. In most cases this statment can show a much larger loss compaired to just thinking back and saying I took in $500 and came out with three. Either way, you will need documentation to prove the loss.
 

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