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Can I write off my casino winnings?

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions.

turbotax.intuit.com - Can You Claim Gambling Losses on Your Taxes? - TurboTax - Intuit
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OVERVIEW

Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return.

Claiming gambling losses

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

Keeping track of your winnings and losses

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Your winnings include each win during the year. You typically cannot offset your winnings from one day with your losses from another day in order to report your net winnings or losses. Your winnings and losses typically need to be separated and reported individually. The IRS does allow you to net your wins and losses on the same day for the same type of wagering if you meet certain requirements. This means that if you win at the slots one day and lose the next day, you have to report the winnings on your tax return as income and then deduct the losses separately as an itemized deduction.

Typical sources of winnings and losses can include:

lotteries

raffles

horse and dog races

casino games

poker games

sports betting

Your records need to include:

the date and type of gambling you engage in

the name and address of the places where you gamble

the people you gambled with

the amount you win and lose

Other documentation to prove your losses can include:

Form W-2G

Form 5754

wagering tickets

canceled checks or credit records

receipts from the gambling facility

Limitations on loss deductions The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years. Reporting gambling losses To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. If you claim the standard deduction, you: are still obligated to report and pay tax on all winnings you earn during the year

will not be able to deduct any of your losses

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Did anyone hit the superfecta at the Derby?

A successful “Superfecta” with correct picks for the first four finishers in sequence secured the $321,500 win. The other player put 50 cents on a “Pick 5” bet and won $247,215.

nbcconnecticut.com - 1 Player Won $321000, Another $247000 in Kentucky Derby Bets at ...

Two players who placed wagers on the Kentucky Derby at Mohegan Sun won big prizes. Mohegan Sun said one person won $321,500 off a $1 wager at Mohegan Sun’s Derby Day party and another player won $247,215 on a 50-cent wager. A successful “Superfecta” with correct picks for the first four finishers in sequence secured the $321,500 win. The other player put 50 cents on a “Pick 5” bet and won $247,215. Get Connecticut local news, weather forecasts and entertainment stories to your inbox. Sign up for NBC Connecticut newsletters. Sports betting started in Connecticut in September and the grand opening for Mohegan Sun FanDuel Sportsbook was this March. “We saw two of the biggest horse racing wins ever at Mohegan Sun on Saturday and we congratulate the two players that placed these incredible wagers,” Brad Bryant, general manager of Mohegan Sun FanDuel Sportsbook, said in a statement. “We also had numerous guests win big by picking the Kentucky Derby winner, Rich Strike. It was a thrilling day at the sportsbook, and we are excited to have many more like it.” Rich Strike, a horse that was not even in the field until another horse was scratched from the race, won and the odds were 80-to-1.

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