ron1918
New Member

Gambling winning and loses

Would my gambling winnings and losses offset each other

Get your taxes done using TurboTax

To enter the W-2G  For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction.  Losses do not offset winnings dollar for dollar.


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