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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3595
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I won a bet at the racetrack last year for $7,111 and they

Customer Question

I won a bet at the racetrack last year for $7,111 and they took out $1,800 immediately. Will I be able to get some or all of that back?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.If the $1800 was withheld for FEDERAL taxes, when you file your tax return and report your $7111 gambling winnings, your refund may increase depending on your other income and federal taxes withheld. Also, if you itemize (use Schedule A), you can deduct your losses up to the amount of your winnings.Please let me know if you require further information.Thank you and best regards,Barb