You did not have to “fill out a W-2G.” A W-2G is something the payer fills out and sends you (or gives to you.)
SoohillSud on
Lose 110% of the same amout back to aforementioned casino.
wutang_generated on
You seem to be misunderstanding how taxes work
For most people, they take either the standard deduction or they itemize their deductions, whichever is higher (there are a very few scenarios when someone might say itemize when it’s less than the SD). If you have enough actual gambling losses that, when combined with any other itemized deductions, are more than the standard deduction, you should probably complete the itemized deductions when you file your return
Professional gamblers are in the business of gambling, which means they are allowed business deductions that you as a non-professional are not allowed regardless of how much you win on a jackpot
4 Comments
You dont. You’re still up 4k, be happy.
You did not have to “fill out a W-2G.” A W-2G is something the payer fills out and sends you (or gives to you.)
Lose 110% of the same amout back to aforementioned casino.
You seem to be misunderstanding how taxes work
For most people, they take either the standard deduction or they itemize their deductions, whichever is higher (there are a very few scenarios when someone might say itemize when it’s less than the SD). If you have enough actual gambling losses that, when combined with any other itemized deductions, are more than the standard deduction, you should probably complete the itemized deductions when you file your return
Professional gamblers are in the business of gambling, which means they are allowed business deductions that you as a non-professional are not allowed regardless of how much you win on a jackpot