@DEANOS wrote:
When a taxpayer does not have the advantage of itemizing due to insufficient deductions, he should still be able to deduct his losses. Gambling winnings should not be counted as income when his losses exceed his winnings. There is obviously a glitch in Turbo tax or in the IRS stipulation.
That is the way the tax code is written. Gambling losses can Only be entered as Miscellaneous itemize deduction on Schedule A and cannot be more than the gambling winnings.
IRS Schedule A Instructions page 13 - https://www.irs.gov/pub/irs-pdf/i1040sca.pdf#page=13
• Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets), but only to the extent of gambling winnings reported on Schedule 1 (Form 1040 or 1040-SR), line 8.
