Q. Are the losses I enter $2000 or $8000?
A. Enter either $6000 or $8000. Your loss deduction is limited to your winnings. If you enter $8000, TurboTax will automatically reduce it to $6000.
Gambling losses are only deductible as an itemized deduction. If you do not have enough total itemized deductions to exceed the standard deduction, you will not get any benefit from the gambling losses deduction. That is, your full $6000 winning will be taxable.
