Question by Amy: Gambling wins/losses and taxes?
I have been very lucky this year gambling, I have seven 1099s to report that show a total winnings of 28000 dollars. I requested my win/loss statement and shows 42000 in loss. So how would my taxes work out? I have declared 1099s on my income taxes in the past but never for more than 2500. Every time I reported the 1099s they pretty much balanced out and I never owed. So with such a high amount of wins how does it work when the loss is higher than the win? I have put away 7000 just in case because I’m just freaked out about how much I might have to pay this year.
btw, spare me the hate answers
Thanks in advance.
Answer by Cathi K
You can put gambling losses on your schedule A up to the amount of the winnings so 28k in losses assuming they are for the same calendar year.
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