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Get your taxes done using TurboTax
No. Unfortunately, gambling losses are deductible only to the extent of winnings. If you have other gambling wins/income and report those winnings, you can then deduct losses to the extent of the total lottery and other wins. The losses are deductible on Schedule A (Miscellaneous Deductions) if you itemize deductions. The winnings are reported on Form 1040, Other Income.
‎June 3, 2019
10:54 AM