Slot play over 3 days reported 63000 in wins on w2 g's this made my social security disability taxable at 85% even though my losses were more than my wins.

Forum|Forum|6 years ago
December 7, 2019
2 replies
6 views

W-2g not a true source of income. They were all reported within the same session the same day. This is income report on w-2g made my social security disability taxable at 85%

EasyACCT

This topic has been closed for replies.

Best answer by PhoebeRoberts

Gambling is a tax-inefficient form of entertainment.

You might ask your tax return preparer whether your records are sufficient to apply the session netting rules.

PhoebeRoberts

Answer

Intuit Community Champion

Gambling is a tax-inefficient form of entertainment.

You might ask your tax return preparer whether your records are sufficient to apply the session netting rules.

M

mikesherman1958Author

Level 2

My players card indicates all play in which I had w2 g's reported. Also I have win loss statement from Casino. Is this sufficient to apply the session netting rules?

IRonMaN

Level 15

Congratulations on your winnings! But it is a true source of gross income, you need to itemize to get the losses reported. But that isn't going to make your taxable Social Security go away. The only way you are going to avoid the 85% is don't win or stay home.

Slava Ukraini!

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