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W2G question for those who know something

70Olds

Active member
#1
So I just got $11,000 in W2Gs. I have been playing sports mostly and also a little at the online casino. I deposited $100 and ran it up to $500 and got bold and started playing $25 a spin slots. Well I got lucky and hit for $3500. Logged off and came back an hour later and Was down to $700 and bang hit one for $2200. So now I have $2900. Well I lose that back and when I get to $200, I hit for $3800. So I take the night off and come back next night. Of course, like a degenerate I lose it all back to $300. Stop playing and come back next day. Hit for $1800 in first half hour. Use that and lose it all to sports over next month. Give up at MGM and never think about it again. Today I got 4 W2G s for $11,300 total, if my math is right. I didnt win a damn thing. How do I deal with this on taxes? Wife about to murder me. Thanks for any and all insight.
 

stoney

Junior Member
#2
if you itemize you can deduct losses up to your wins.
problem is, you probably don't itemize with 25k standard deduction for married couple.
so you will have to list the income and you are probably screwed on deductions.
 

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