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Deductions & credits
AGAIN ... the gambling losses will NOT negate the gambling winnings directly nor will it remove them from the income section of the return. The losses are an itemized deduction and will reduce your taxable income at that point on the form. If you have SS benefits the winnings will increase the taxable portion of the SS benefits BEFORE the losses on the Sch A comes into play ... this is described as a cruel joke on the retirees who win at the casinos.
‎April 3, 2020
1:58 PM