If I win over 3000 gambling but bet 4000 and loose 1000 for the year do I have to report anything on my taxes?

1. whitney October 1, 2008

   you can only claim the amount that you lose up to your winnings amount… and be sure you have a record of your losses, for example players club cards keep a record. and yes you are required by law to report your winnings, although most rarely do
2. Spock (rhp) October 1, 2008

   i think i’d report my net gambling winnings [zero] as “Other Income” on form 1040, line 21

   and keep your records
3. Judy October 3, 2008

   Legally you have to claim your winnings, whether it was one big win or several small ones. You can only deduct losses up to the amount of your winnings, and then only if you itemize and if you have the required documentation.
4. Doctor Deth October 4, 2008

   you have to be able to prove your losses - there is no deduction for losses - if you never got a 1099 for winnings - you don’t have to declare anything
5. N K October 5, 2008

   You are required to report the $3000 on line 21 of form 1040, annotating gambling winnings on the line. You might be eligible to deduct the amount of your loss, up to $3000 (your winning) on your schedule A, under misc deductions, if you itemize. If you do not itemize, you cannot take the deduction. You may be required to show evidence of a loss of you are audited. Go to and type in gambling winnings in the search engine.

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