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If I won $8000 at a casino but gave back $5000 to them playing

do I pay tax on...
If I won $8000 at a casino but gave back $5000 to them playing do I pay tax on the whole $8000 or just on the $3000 which is the actual amount I made ?? I know I can get a won/loss statement if needed---thanks--Danny
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Answered in 4 minutes by:
11/19/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C :

Danny, thanks for your question

Megan C :

My name is XXXXX XXXXX I will be happy to assist you today

Megan C :

You only have to pay tax on your net winnings - the amount by which your winnings exceed your losses

Megan C :

So, you are only taxed on the $3,000

Megan C :

However, the deduction for gambling losses is only if you itemize your deduction

Megan C :

So, if you take the standard deduction you would pay tax on the entire $8,000 -if you itemize, you will pay tax only on $3,000

Customer:

ok--thanks Megan--as usual you folks are Grrrreat !!! I tell everyone about your site---thx--Danny

Megan C :

Thanks, Danny. Please rate my response positive so that I may receive credit for assisting you todya

Megan C :

The rating feature is located along the bottom of your screen

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Megan C
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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