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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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IF i WON 5,000.00 FROM GAMBLING, AND THEN LOST IT, DO i STILL

Customer Question

iF i WON 5,000.00 FROM GAMBLING, AND THEN LOST IT, DO i STILL HAVE TO PAY TAXES ON THE 5,000
Submitted: 2 years ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 2 years ago.
Initially, yes, you have to report the winnings. However, you can deduct losses up to the amount of the winnings. You can refer to the following IRS webpage for more detailed information relating to gambling winnings and losses. http://www.irs.gov/taxtopics/tc419.html Let me know if you require further assistance with this matter.

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