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Can you write off online gambling losses?

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.

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 someone claim the 1.6 billion Powerball?

CLEVELAND — Although nobody hit the gigantic $1.6 billion jackpot in the latest Powerball drawing that was held on Saturday, Nov. 5, 2022, the Ohio Lottery says there are still thousands of people taking home smaller amounts of prize money.

wkyc.com - Did anybody win the Powerball jackpot worth $1.6 billion? - WKYC

The lucky numbers in the drawing from Saturday night were 28, 45, 53, 56, 69 with Powerball 20.

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CLEVELAND — Although nobody hit the gigantic $1.6 billion jackpot in the latest Powerball drawing that was held on Saturday, Nov. 5, 2022, the Ohio Lottery says there are still thousands of people taking home smaller amounts of prize money.

Those smaller prizes sold in Ohio are listed as follows:

$150,000 prize: 2 winners

$50,000 prize: 3 winners

$300 prize: 195 winners

$100 prize: 640 winners

$21 prize: 6,846 winners

$12 prize: 81,014 winners

$7 prize: 20,621 winners

$4 prize: 245,714 winners

The lucky numbers in the drawing from Saturday night were 69, 53, 45, 56, and 28 with Powerball 20. The Power Play option was 3x. The jackpot now soars to an estimated $1.9 billion with a cash option worth $929.1 million for the next Powerball drawing on Monday, Nov. 7.

The jackpot for Powerball is currently the largest lottery prize in history.

Powerball lottery officials say the odds of hitting the jackpot are one in 292,201,338.00, which is slightly better than the Mega Millions odds of one in 302,575,350. The odds of hitting a $1 million winning ticket in Powerball, meanwhile, are one in 11,688,053.52.

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