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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3120
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: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year 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 1 year ago.

Couple of useful links:

Form Schedule A:

Expert:  emc011075 replied 1 year ago.

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