TaxGuyBill
Level 15
04-15-2022
12:29 PM
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This is just an example:
Let's say they have a W2-G for $20,000, but their actual cumulative total winnings are $50,000 (each individual win counts, even though there is not a W2-G for the smaller amounts), and their cumulative total losses are $53,000.
In that example, you are supposed to report $50,000 of gambling income, and then you enter $50,000 of gambling losses on Schedule A.