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Get your taxes done using TurboTax
Gambling winnings are reported as Miscellaneous income on Form 1040 Line 21. Gambling losses are entered on Form 1040 Schedule A as an itemized Miscellaneous deduction. The total itemized deductions on Schedule A have to greater than the Standard Deduction for your filing status to have any tax benefit.
The losses are not a one-to-one reduction in winnings.
‎June 6, 2019
7:45 AM