We gamble occasionally and have received profit/loss statements from the casino?

Keto


Now where on the tax returns do we report our losses? Also, do we need to include these copies with our return? Are there ’special’ forms that we need to fill out? Is form 4797 needed?

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Tags: Profit Loss, Special Forms

This entry was posted on Wednesday, August 26th, 2009 at 1:44 am and is filed under Business tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “We gamble occasionally and have received profit/loss statements from the casino?”

1. lp101417 Says:
   August 29th, 2009 at 5:57 am

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   If there were federal withholdings YES, send it with the return if you are mailing. it should go on line 21 other income

2. JENRD Says:
   August 30th, 2009 at 1:45 am

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   You only get to report the amount of your losses to the extent of your winnings. Meaning if you won 100,000.00 but lost 60,000.00 you can then report it to reduce the amount of taxes you owe.