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Level 3

gambling losses to offset gambling winnings

this year's software allows you to enter gambling losses but it is not used to offset gambling winnings. The tax code still provides for this to happen even if you are taking the standard deduction. I believe intuit needs to fix this in their software

 

3 Comments
Level 3

gambling losses to offset gambling winnings

Completely agree.  It is now February 15 and it's still not fixed.   I had prize winnings, I itemize, I entered gambling losses and it's nowhere to be seen on my returns.

Level 11

gambling losses to offset gambling winnings

Gambling losses are only permitted if you itemize . Please read link below

https://www.irs.gov/taxtopics/tc419
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Employee Tax Expert

gambling losses to offset gambling winnings

Use this IRS interactive tool to determine how to deduct gambling winnings/losses.

 

How to deduct gambling winnings/and or losses