River slots Sweepstakes Jimmie Clemons, retired, received a Form W-2G reporting $44,800.00 in winnings from a casino. As his gambling losses for the year were quite $44,800.00, he didn’t report any winnings or losses on his 1040.
The Tax Court, in Jimmie L Clemons T.C. Summary Opinion 2005-109, upheld the IRS position that gross gambling winnings must be reported as income on Page 1 of the income tax return , with losses, to the extent of winnings, allowed as a “miscellaneous” Itemized Deduction. The losses are often deducted fully on Schedule A, and aren’t subject to the two of AGI exclusion.
While Jimmie was ready to deduct $44,800.00 in losses to wipe out his $44,800.00 of income, the very fact that the winnings were included in his Adjusted Gross Income caused 85% of his Social Security benefits to be taxed!
As a tax professional with a practice in New Jersey, and my share of normal lottery players and senior citizens who frequent the casinos of Atlantic City as clients, I even have seen many examples where a taxpayer with net gambling losses for the year is royally screwed by “Uncle Sam”.
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