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Get your taxes done using TurboTax
Keep in mind that you are preparing your 2020 tax return. If you are on a cash basis (as are most taxpayers), you report your income, including gambling income, using a calendar year. You would also report any gambling losses for the calendar year to offset any winnings, if you are itemizing deductions on Schedule A. If you are not itemizing deductions, you cannot use the losses to offset the gambling income.
March 9, 2021
12:12 PM