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

Customer Question
14,000 dollars in lottery scratch...
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: 9 years ago.Category: Tax
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1/4/2008
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 9 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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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
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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