• You can't subtract the cost of a wager from the winnings it returns.
However, you can claim your gambling losses as a tax deduction if you itemize your deductions.
You must report your winnings even if you don't receive a Form W-2G.
Form W-2G Both cash and the value of prizes are considered "other income" on your Form 1040.
However, it also means you'll have to pay self-employment tax on your winnings.
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to an extent You can't deduct the cost of your wager from your winnings when determining how much you won, but you can deduct your gambling losses subject to certain rules.
So if you won $2000 but lost $5,000, your itemized deduction is limited to $2,000.
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