I'm now doing my taxes for year 2021 and I have followed what was posted here for Gambling losses vs Winnings I actually lost more then I won....... lost($48,000) ....Won ( 46,000) I entered the W-2G for my Gambling winnings on the standard form and when asked for gambling losses I deducted $ 46,000 but still comes up with owing over $5000. I have won in years past but not this amount and never had to pay taxes on my winnings because I have always lost more then I won! I used the standard at first and then changed it to itemized deductions with the same result. My question is when I use the itemizing schedule A it has my losses there! So what am I doing wrong!
And could you explain this...."Losses do not offset winnings dollar for dollar" Thanks Doug
