I have 5000 in gamblings winnings I would like to write off as gambling losses on Schedule A. If do that then my state taxes would be larger because I would have add on.

hyskiarooney — Tue, 04 Jun 2019 20:17:08 GMT

Use Schedule A or 1040. Which would save me more?

Reporting gambling losses To report your gambling losses,...

viktoriyab11 — Tue, 04 Jun 2019 20:17:09 GMT

Reporting gambling losses

To report your gambling losses, you must be eligible to itemize your income tax deductions on Schedule A. You are eligible to itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. This means that if you claim the standard deduction, you are still obligated to report and pay tax on all winnings you earn during the year. However, you will not be able to deduct any of your losses.

How does the itemized deduction differ from the standard deduction?

topic I have 5000 in gamblings winnings I would like to write off as gambling losses on Schedule A. If do that then my state taxes would be larger because I would have add on. in Get your taxes done using TurboTax

I have 5000 in gamblings winnings I would like to write off as gambling losses on Schedule A. If do that then my state taxes would be larger because I would have add on.

Reporting gambling losses To report your gambling losses,...