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About Glenn D Schnabel
Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Gaming Tax

Topic: Tax Law (Questions About Taxes)

Expert: Glenn D Schnabel
Date: 5/12/2008
Subject: Gaming Tax

Question
We are trying to figure out how much tax is on casino winnings. Thanks for anything you can tell me.

Answer
I just went through this with another client of mine.

According to IRS,

You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A . However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.

Casino Gambling winnings are added to your income to arrive at total income. then you have adjustments to income such as IRA deductions, moving expenses, self employed health insurance , and student loan interest, to arrive at AGI. Then from AGI you deduct itemized deductions (such as medical subject to 7
GI , interest, taxes, contributions, and other subject to 2
GI) Please note the gambling losses are not subject to the 2 of AGI adjustment.
Then you deduct the exemptions (such as you, spouse and dependents)
multiply by the standard exemption to arrive at taxable income.

Hope this is useful.

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