How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Capital Gains and Losses
Satisfied Customers: 177
Experience:  Principal at Jason M. Tyra, CPA, PLLC
92489302
Type Your Capital Gains and Losses Question Here...
Jason M. Tyra, CPA is online now
A new question is answered every 9 seconds

I won $89,165 in gambling in 2015 and with the IRS it

Customer Question

I won $89,165 in gambling in 2015 and with the IRS it affected my gross income, of course. My losses were greater than winnings.I gambled in Ok and had to file a 511NR. I was under the impression that if your losses were greater than wins you did not have to pay taxes....I live in Texas. When filing the 511NR, my US Income Tax 1040 wages and income were considered and I have to pay taxes on more than winnings/losses. All income was considered. I don't feel this is right.
Submitted: 7 months ago.
Category: Capital Gains and Losses
Expert:  Jason M. Tyra, CPA replied 7 months ago.
Hi Deborah:Your gambling losses are deductible to the extent of your gains. Gambling losses can be claimed on Schedule A as an itemized deduction.Be sure to maintain documentation showing when and where the losses were sustained.
Customer: replied 7 months ago.
Gains meaning all income?Why would Oklahoma (Indian Casino) 511NR even have to consider all income (ss,, etc.) when filing winnings/lossesIn Oklahoma, I have to pay $3,008 in taxes even though my losses were greater than wins.
Expert:  Jason M. Tyra, CPA replied 7 months ago.
Gains meaning gambling gains.Oklahoma allows you to use the itemized deductions from Schedule A of your federal return, so your gambling losses should be deductible in Oklahoma, also.Form 511-NR is an Oklahoma non-resident income tax return. Many states calculate your tax due as a percentage of your total income for the year or by allocation from your federal return for the sake of simplicity. You don't owe Oklahoma tax on income earned outside Oklahoma.
Customer: replied 7 months ago.
So, if my losses were greater than my winnings then I would not have to pay Ok taxes? I have attached win loss statement for your review.
Customer: replied 7 months ago.
I have paid my IRS taxes already
Expert:  Jason M. Tyra, CPA replied 7 months ago.
You have to pay tax on your income in OK. If your itemized deductions (including your losses) exceed your gambling gains, then you shouldn't owe tax, but you will still have to file the Oklahoma non-resident tax return.
Customer: replied 7 months ago.
Our CPA figured our 511NR Oklahoma with Federal....I have attached her form for your review. It appears she considered all income for this form.
Expert:  Jason M. Tyra, CPA replied 7 months ago.
Thanks for sending this. I believe your CPA calculated the return correctly.Oklahoma isn't the only state that calculates tax in the way that you see on the form- it's a little peculiar, but it is the correct method for that state.

Related Capital Gains and Losses Questions