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I have casino question. I received two small pots and they…

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I have casino question. ...

I have casino question.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I received two small jack pots and they gave me the yellow slips and said to keep them because I will have to pay taxes on them.

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

Well I went and got a win loss statement for the year and the tax person says that I need to pay that amount instead of just the two jackpots.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

It is based on my card being in a machine and they were small in and outs and sometimes I left my card in machines forgetting it.... I don't believe I have to pay on that just the jackpots that I received with the yellow slips. That's it.

Submitted: 1 month ago.Category: Tax
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Answered in 3 minutes by:
3/14/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

As a US citizen/resident, you are required to report all of your gambling winnings.

If you itemize, you can deduct your losses up to the amount of your winnings on Schedule A.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
5,801 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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