My interpretation is that "gross" winnings get reported as income. ( not the net of wager cost); then overall annual losses ( difference between winnings and wager cost) gets entered as miscellaneous deductions and may or may not help depending on whether itemizing is beneficial.
Is this correct?
Thanks for insights!
Yes. Well, no. "The IRS allows recreational gamblers to report net gambling winnings and losses using the "session method," which nets wins and losses within a single, continuous, and uninterrupted period of play at a single location. Only the net gain from a session is generally included in Adjusted Gross Income." But the problem is that no one keeps records of each "session," and I don't think any casinos do that either.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
