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 MequonCPA Your Own Question
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
5142404
Type Your Tax Question Here...
MequonCPA is online now
A new question is answered every 9 seconds

I won 14,000 dollars at a casino this year and I saved

Resolved Question:

I won 14,000 dollars at a casino this year and I saved 14,000 dollars in lottery scratch offs. Can I use these as a write off to offset the taxes owed on this money? Thank You
Submitted: 8 years ago.
Category: Tax
Expert:  MequonCPA replied 8 years ago.

DearCustomer-

You will report your gambling winnings on page 1 of your Form 1040. You are allowed to include gambling losses up to the amount of gambling winnings shown on page 1 as miscellaneous itemized deductions on Schedule A line 28.

http://www.irs.gov/pub/irs-pdf/f1040sab.pdf

http://www.irs.gov/pub/irs-pdf/i1040sa.pdf

 

MequonCPA and other Tax Specialists are ready to help you