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Video instructions and help with filling out and completing when will i receive my w2g

Instructions and Help about when will i receive my w2g

Hi I'm Tom Swann a enrolled agent the next topic has to do with gambling winnings so long after the joy of the winnings comes the taxes the sobering of the taxes so we're going to talk about how you report your gambling winnings and what you can do to minimize the taxes there on the losses that you have for your gambling is deductible to the extent of your gambling winnings but it's a Schedule A item so if you happen to be a renter you're not going to get through all of the deduction in many cases so make sure that you keep track of your one loss record if you have a Players Club type of card your lottery winnings and other gambling records that you might keep even your weekly poker games those things go to creating a lower amount of tax that you would have to pay on your gambling winning we find that most of the garden-variety gambling winnings wind up being not taxable at all so maybe you'll enjoy that glow a little bit longer thank you for watching this clip and take a look at some of the other things that we have for you because it'll make your tax preparation a much more enjoyable event thank you.


Do I have to file taxes if I won $1000 and receive a W2G?
Yes. The state you live in has already sent you a copy the IRS has a copyboth are expecting you to pay the taxes on it.Do you really think they’re going to ignore it
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