Question for all you tax specialists… so if you open a online gambling account and have winnings and obviously losses, what’s the best way to claim on your 1040? Doing the schedule of each gambling session that shows the net so you can take the standard deduction? Or claiming winnings on 1040 then itemizing deductions to show losses?

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Gross winnings and itemized losses separately. Not net.

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What above said you have to pick up all as gross income and only do you get to itemize losses up to winnings. Some states like MI didn’t allow for any losses so you can get screwed. Best of luck and hopefully you already itemize or are close. I’ve helped some with $100ks in losses who owed on states at a local practice.

likesmart

Thanks! From what I read you can itemize deductions and that way you can include the losses to show net. But if you take standard deduction you have to show winnings. However you can document each “session” of your wins/losses as net. But I guess it’s open for interpretation by the taxpayer how session is defined?

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