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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: 178
Experience:  Principal at Jason M. Tyra, CPA, PLLC
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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: 1 year ago.
Category: Capital Gains and Losses
Expert:  Jason M. Tyra, CPA replied 1 year 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 1 year 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 1 year 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 1 year 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 1 year ago.
I have paid my IRS taxes already
Expert:  Jason M. Tyra, CPA replied 1 year 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 1 year 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 1 year 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.