[startupcfo]

In Sim #1, the taxpayer has 450 in gambling winnings and $100 in gambling losses. I put down the net value of $350 as Other Income. Am I supposed to net it out? If not, where do I list the 100 dollar gambling loss to counterbalance the income before AGI is decided?

BEC - 87 | 02/28
REG - 70 | 06/10, REMATCH | 08/30
AUD - XX | 09/10
FAR - XX | 12/10

[SkiBum1990]

Netting gambling losses to the extent of gambling winnings can ONLY be done if you elect the ITEMIZED DEDUCTION. If claiming a standard deduction, gambling losses can't be netted. — what situation was the tax payer in that SIM?

"The mind can only absorb as much as the seat can take"

B - 79
A - 68, __ (got bumped from Aug 4 release to Aug 23-THANKS AICPA)
R - Oct
F - Nov (HA! 1 month to study working full-time; love NTS rules)

[Paydirt123]

do not net. enter $100 gambling loss as other miscellaneous deduction not subject to 2% floor. The $450 gambling winnings is reported in its entirety. (Also not gambling losses are only reported to extent gambling winnings)

[Paydirt123]

*note

[SkiBum1990]

Correct^^ to clarify my post, the net effect* will only happen if you itemize.. The loss will be reported regardless on the misc line

"The mind can only absorb as much as the seat can take"

B - 79
A - 68, __ (got bumped from Aug 4 release to Aug 23-THANKS AICPA)
R - Oct
F - Nov (HA! 1 month to study working full-time; love NTS rules)

[Paydirt123]

you're welcome, lol

[Paydirt123]

lol, disregard skiburn, I hadn't read your post, was responding to original question

[Author]

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