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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 620
Experience:  Business Consultant/Accounting Manager
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Can I use parlay ticket losses as gambling losses to offset

Customer Question

Can I use parlay ticket losses as gambling losses to offset winnings from slots? Also I recently won a jackpot of 3100. I declined to give my social so they took 28 percent. However on the w-2g they gave me it shows I won 3100 but does not show that they took the 28 percent in the box for federal income tax withheld. What should I do?
Submitted: 10 days ago.
Category: Tax
Expert:  ABC Accounting Group replied 10 days ago.
Hi. Great Question. Losses up to winnings (i.e. the 3100). Just keep backup documentation on how you got your loss amount. I would give them a call on Monday about the 28%. It probably has to do with the soc #. They will have to send you an amended w2g. Let me know if you have any questions. Thank you.
Customer: replied 10 days ago.
Ok thanks. What kind of documentation does the IRS require to prove losses?
Expert:  ABC Accounting Group replied 10 days ago.
Tickets, logs, etc.

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