What gambling losses can you deduct

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If you incurred losses with your gambling endeavors (and practically everyone does), you can deduct your losses if you itemize your deductions using Schedule A. You can only deduct your losses to the extent that you have winnings.

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And remember that gambling losses are an itemized deduction. In order to itemize, you must have enough itemized deductions to exceed your standard deduction.

Explaining the Internal Revenue Code as to gambling income and losses and how to substantiate the gambling income and losses if you are audited Tax Season is Upon Us: Can Gambling Losses Be Deducted If you gambled during 2018, you may be wondering if you can deduct your losses. Gambling losses can be deducted if you itemize, but are limited to the extent of your winnings, which you must report as taxable income. 2 So if you report $100 …

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Reporting Gambling Income and Losses to the IRS |… Gambling losses can be reported under “Other Miscellaneous Deductions” on Schedule A (Itemized Deductions) of Form 1040. Note that you can only deduct your gambling losses if you itemize deductions. Additionally, you are only permitted to deduct losses up to the amount of winnings you... Can I deduct my gambling losses? - TurboTax® Support

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Gambling winnings of any kind are taxable income and Uncle Sam wants his cut and that includes winnings from the Super Bowl, a Fantasy Leagues, VegasYour losses are reported on Schedule A - Itemized Deductions. So if you are a high earner, and might not get to deduct the full amount of your... Deducting Gambling Losses What gambling losses are deductible?See Gambling Record-Keeping. Can I deduct losses from illegal gambling against winnings from legal gambling? Answer: Yes. If I don't have perfect documentation/records, can I use estimates for my tax return?