WIN/LOSS STATMENT

Forum|Forum|4 years ago
April 15, 2022
2 replies
10 views

if I have a client who won w2-g $20,000

I have a win loss statement loss in the bottom right corner (2,433.92)

is that all I can write off?

Or is the real loss $22,433.92 and I can write off the whole $20,000?

ProSeries Professional

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jeffmcpa2010

Level 10

The 20K income will end up as income on schedule 1 after you enter the W2-G.

The losses of 22,433 go to schedule A line 16 other deductions, but are limited to reported winnings, so you would actually enter $20,000 on the schedule A.

https://www.irs.gov/instructions/i1040sca#en_US_2021_publink100073879

MGC94Author

Level 7

right. But is the loss only $2,243 or is the loss really $22,422? since the bottom of the W/L in (2,243) can you only write off on the Sch A 2,243 or I can do the whole $20,000 ?

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TaxGuyBill

Level 15

@MGC94 wrote:

right. But is the loss only $2,243 or is the loss really $22,422? since the bottom of the W/L in (2,243) can you only write off on the Sch A 2,243 or I can do the whole $20,000 ?

What are the other numbers on that statement?

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TaxGuyBill

Level 15

The taxes for gambling is dangerous.

They have only received one W-2G, but I almost guarantee they won something more than that one time.

So you may think twice about only reporting one-out-of-many wins, but then trying to report all losses.