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Deductions & credits
@jglmac - so what I gather is that - at a minimum - you had a winnings of $1880 and you had losses of $2132.
The winnings may be higher based on your records, but let's keep it simple
The $1880 is reportable as income on Form 1040.
The $2132 can be reported as an itemized deduction on schedule A; however, it can not exceed $1880. (net losses are personal losses and not tax-deductible)
if you take the standard deduction, yes, that does mean you have to report the $1880 of wins and get no benefit of the losses.
‎November 14, 2022
10:27 AM
818 Views