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Get your taxes done using TurboTax
not correct.
gambling winnings are fully taxable and reported on Schedule 1 (federal 1040). Losses and expenses are only deductible to the extent of winnings and only if you itemize your deductions on schedule A. if you don't itemize, the losses have no tax effect. itemization only makes sense if it exceeds your standard deduction Turbotax optimizes between the two so apparently your standard deduction is more than your itemized deductions
‎February 19, 2025
11:18 PM