Unfortunately, if you do not Itemize your deductions, the gambling losses will not have an effect on your taxes.
We estimate that close to 90% of taxpayers will be taking the higher standard deduction this year (compared to around 70% last year) as a direct result of tax reform legislation.
Check your return to see if you itemize or take the standard deduction. Keep in mind the Standard deduction for single taxpayers is $12,000. The standard deduction for married taxpayers is $24,000.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
