Re: One More Tax Question
[ QUOTE ]
What you do is take your net winnings - her net losses and pay taxes on that amount. Just make sure you keep good records in case you ever get audited.
[/ QUOTE ]
Again, you report your COMBINED gross winnings in miscellaneous income and your COMBINED losses in deductions where indicated for gambling. Do NOT combing wins and losses and report a net win amount (or breakeven 0) only!
RoundGuy- note that, if you have state lottery gambling to report, especially from more than one state, you need to look carefully at what you report.
My state doesn't allow lottery losses from other states to be deducted (unless that's a Turbo Tax glitch; I'm going to a tax pro this year to handle several things, and to check on TT results in areas such as these)
|