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Gambling losses are not a one-to-one reduction of the taxable winnings. Losses are entered on Form 1040 Schedule A as a Miscellaneous itemized deduction. Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2016
Gambling losses are not a one-to-one reduction of the taxable winnings. Losses are entered on Form 1040 Schedule A as a Miscellaneous itemized deduction. Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2016
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