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Music welcome back to our Channel clear value tax my name is Brian Kim I'm a certified public accountant and one of the partners in our tax practice today we're going to be discussing gambling losses so in a nutshell gambling losses are deductible up to the extent of gambling winnings so in other words you cannot take gambling losses to deduct against your other income no you cannot again up to the extent every gambling winnings so this is very relevant and important to the people who receive WGS w2 G's are the earning statements for your gambling winnings you're generally going to receive a WG for larger wins on a slot machine so you're not going to be generally receiving these from table games it's coming from typically a slot machine for a larger win so if you have a larger one in a slot machine what's gonna happen is that casino employee is there and it come to you or take you to the cage and they're gonna make you fill out some tax forms that tax form is gonna produce the w-2g the

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