Gambling losses are an *itemized* deduction and will have NO benefit unless all your itemized deduction exceed the standard deduction.
VERY few taxpayers are able to itemize unless they also have HUGE medical or Mortgage interest deductions. For example, if you are married filing jointly your itemized deductions mist be MORE than $24,800 before there is any beneift
2020 standard deductions
$12,400 Single
$18,650 Head of Household
$24,800 Married Jointly
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
