Hello samuelsahawneh,
The IRS allows a taxpayer to deduct gambling losses up to the extent of gambling winnings.
Example 1:
$1,000 in gambling winnings received on 10-1-2024
($1,000) in gambling losses incurred 10-1-2024 or earlier
$0 in taxable gambling winnings
Example 2:
$1,000 in gambling winnings received on 10-1-2024
($500) in gambling losses incurred 10-1-2024 or earlier
$500 in taxable gambling winnings
Example 3:
$1,000 in gambling winnings received on 10-1-2024
($5,000) in gambling losses incurred 10-1-2024 or earlier
$0 in taxable gambling winnings; however, the $4,000 in excess losses are not deductible
Can You Claim Gambling Losses on Your Taxes?
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