KrisD15
Expert Alumni

Get your taxes done using TurboTax

Possibly. 

 

Any amount won gambling is taxed. 

 

It is POSSIBLE to claim the gambling losses you had, but it isn't as easy as it sounds. 

 

Gambling winnings are reported as income.  DONE

 

Next, gambling losses can be entered into your TurboTax program and IF they make your Itemized Deductions higher than the Standard Deduction, the amount of losses with be included in your Itemized Deductions, along with other deductions, such as Medical Expenses and Home Interest paid. 

 

You are only allowed to claim losses up to the amount you won, not more. 

 

MOST people use the Standard Deduction. If you also end up taking the Standard Deduction, the gambling loss amount is, well, lost. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"