How To Write Off Casino Winnings

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The Internal Revenue Service treats gambling winnings as taxable income. This means that if you hit it big in the lottery, the tax man wins too. However, if you go to Vegas or Atlantic City and blow some of your winnings, those losses could end up reducing your tax bill.

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  2. The IRS will only let you deduct losses to the extent that you win. For instance, if you lose $3,000 on one trip to the casino and win $2,100 on another trip in the same year, you can write off $2,100 in losses to offset the $2,100 in winnings, leaving you with a total of $900 of taxable gambling income.

Gambling, According to the IRS

The IRS defines gambling relatively broadly. Playing the lottery, betting on horses and participating in raffles all meet its definition. Any money you win or lose in a casino is also considered a gambling loss. You can mix different types of gambling income and losses all together, so you don't have to separate your casino gambling from your lottery play.

Deducting Losses

The IRS will let you deduct all of your gambling losses up to the amount that you report as winnings. If you win $150,000 in the lottery and you have $50,000 in losses from bad lottery tickets and a few very unlucky hands of blackjack, you can write off all $50,000 in losses, offsetting an equal amount of your winnings. However, if you win $1,500 on a lottery ticket, you'd only be able to write off up to $1,500 in losses against it, even if you lost a lot more than that.

Claiming the Deduction

To be able to deduct gambling losses to offset some or all of your winnings, you will have to itemize your deductions. This means that you can't claim the standard deduction. Once you choose to itemize, you can write off all of your losses, up to your winnings, on line 28 of the Schedule A form. Unfortunately, if you pay the alternative minimum tax instead of regular income tax, you lose the ability to claim the gambling loss deduction.

Substantiating the Deduction

You also need to be able to prove how much you lost. How to win at blackjack table. The IRS recommends keeping a diary with the dates you play, what you play, where you play, who was with you and what you won or lost. Saving supporting documentation -- like hotel bills that show you stayed at the casino on the dates you were gambling -- can help, too. Another way to track your losses is to use a player's club card that logs your activity in the casino's computers, since you can have the casino generate a printout of your gambling activity.

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How To Write Off Casino Winnings
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About the Author

Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology. Vegas crest casino bonus code 2018. His work has appeared in trade publications such as the 'Minnesota Real Estate Journal' and 'Minnesota Multi-Housing Association Advocate.' Lander holds a Bachelor of Arts in political science from Columbia University.

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If you lose money gambling, you might be able to deduct it on your tax returns. However, before you can claim the deduction, you'll have to meet two important requirements. First, the IRS will want you to itemize all of your deductions. Second, you can only deduct gambling losses to the extent that you have gambling winnings.

Claiming the Gambling Deduction

The way that you claim the gambling deduction is relatively simple. First, you have to file Schedule A and itemize your tax deductions. This means that you can't claim the standard deduction, but you can write off expenses like your state income tax, mortgage interest, property taxes, car registration tax and charitable donations. If you have gambling losses, you write them off as 'other miscellaneous deductions' on line 28 of Schedule A, where they get combined with your other itemized deductions to reduce your taxable income.

Deduction Rules

The IRS will only let you deduct losses to the extent that you win. For instance, if you lose $3,000 on one trip to the casino and win $2,100 on another trip in the same year, you can write off $2,100 in losses to offset the $2,100 in winnings, leaving you with a total of $900 of taxable gambling income. If you lost $1,000 on one trip and won $9,500 on another, though, you could claim the entire $1,000 in losses to reduce your net income from gambling to $8,500.

Proving Your Gambling

If you claim a gambling loss deduction, you will have to prove that you are entitled to it. Casinos send a form W-2G when you win to let the IRS know that they paid you, but it's up to you to establish your losses. The IRS requires you to keep tickets or receipts and a diary of your winnings and losses to substantiate your deduction. If you can get a printout from the casino of your gambling activity, such as if you use a player's club card, it may be helpful.

How To Write Off Casino Winnings

Professional Gambling

The rules for professional gamblers are different. A professional gambler makes a business out of gambling. He can write off his gambling losses and any expenses that he incurs for gambling -- like travel -- to offset gambling income. Since gambling is a business, he would file a Schedule C to report his income and expenses and would also have to pay self-employment taxes on his profits.

How Do I Write Off Gambling Winnings

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How To Write Off Gambling Winnings

References

About the Author

Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology. His work has appeared in trade publications such as the 'Minnesota Real Estate Journal' and 'Minnesota Multi-Housing Association Advocate.' Lander holds a Bachelor of Arts in political science from Columbia University.

How To Write Off Gambling Winnings On Taxes

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How Do You Write Off Gambling Winnings

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