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Business & farm
Yes, you can enter the amount spent as a loss, but only up to the amount of the winnings. After you enter the winnings, you'll be asked right away to enter the losses. You only receive a deduction for the losses if you have enough in itemized deductions in total to be able to itemize. Either way, the winnings count as income.
‎June 4, 2019
5:34 PM