Hello all- In 2020 I misplaced a big sum of money because of playing. Now that tax season is coming round, and I am within the swing of digging myself out of a hollow, I to start with concept my tax go back would lend a hand, to then knowing it will in truth be unchanged, to now knowing I might owe a excellent quantity because of “winnings.” Over the process my playing I took place on a pair, what I suppose govt considers, “large wins.” The one factor is I due to this fact misplaced all of it. Now I am involved that I will get W-2s that say I made all this cash and must pay taxes on it, when my web for the consultation was once adverse.
I remember that I will be able to write off playing losses as itemized deductions, however simplest to the level of winnings. With out another deductions, it kind of feels I will must pay taxes on what I might have at first assumed to be my same old deduction in order that I do not need to pay taxes on winnings. SO my query is, will my W-2s merely state the quantity I made out of the ones lone wins, with out the previous or succeeding occasions, or does it come with them? Does this make sense? Is it proper?
I believe adore it’s more or less BS that it will serve as that manner, however they’re taxes so… Thank you all to your time and lend a hand! Please gamble responsibly (now not like I did) 🙂