How do I offset gambling win with loss

frank-deb — Mon, 03 May 2021 20:16:30 GMT

where do I enter gabling losses

Re: How do I offset gambling win with loss

SweetieJean — Mon, 03 May 2021 20:32:44 GMT

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling Winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g

Re: How do I offset gambling win with loss

SweetieJean — Mon, 03 May 2021 20:33:42 GMT

Also be aware that a few states do not allow a deduction for losses, but still tax winnings.

topic How do I offset gambling win with loss in Get your taxes done using TurboTax

How do I offset gambling win with loss

Re: How do I offset gambling win with loss

Re: How do I offset gambling win with loss