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    dherman1's Avatar
    dherman1 Posts: 129, Reputation: 10
    Junior Member
    		  
    #1

    Jan 20, 2006, 11:36 AM
    How to report Gambling winnings/losings
    I have had a good year at the local casino.

    The bad thing is that I have a lot of W2-G's from all the small winnings ($1,250, $1,500, etc).

    Do I need to document every individual one or can I enter a grand total?

    The casino has given me a report indicating that I am at a net loss for the year. So, from what I have learned, I should have a net difference of $0.00.

    HELP!

    Thanks, Dan
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 20, 2006, 12:29 PM
    Dan:

    If you are using tax software, you need to key in each W-2G. I know that is a real bother, but it documents the income correctly and is required if you want to file the return electronically. If you are doing your return manually, you can add up all the winnings and enter it on Line 21 of Form 1040.

    As for your losses, those are reported on Line 27 of Schedule A (hopefully you itemize and your gambling losses are not your only itemized deduction). As you probably know (based on your posting below), the losses deducted on Line 27 of Schedule A cannot exceed the income reported on Line 21 of Form 1040. This is checked automatically by the IRS computer, so make sure the figures are correct.

    The report provided by the casino provides all the proof you need if you get audited.
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