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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2318
Experience:  IRS licensed Enrolled Agent and tax instructor
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I $2000 at a casino and failed to claim it on 2014 taxes.

Customer Question

I $2000 at a casino and failed to claim it on 2014 taxes. Got a letter that I owe $750. But lost over a $1000 before hitting the jackpot . Can I file a revised tax return and show only a net win?
Submitted: 11 months ago.
Category: Tax
Expert:  emc011075 replied 11 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, you can file an amended return form 1040x. To deduct your losses, however, you will have to itemize your deductions. It means you need more deductions like property taxes, large medical bills, state and local taxes and such. you need more than $6,200 worth of deduction to be able to fully deduct your lottery losses.

Expert:  emc011075 replied 11 months ago.

Couple of useful links:

https://www.irs.gov/taxtopics/tc419.html

Form Schedule A: https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

Expert:  emc011075 replied 11 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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