Gambling winnings is not offsetting same amount of losses if I do not itimize deductions... Why???.. onTurbotax CD Home and business

[fsy530]

CD Turbotax Home & Business...on W2.g... gambling winnings does not offset same amount of losses if you don't itemize deductions... WHY   ????

[fsy530]

Do I need to wait for updates on this problem

[fsy530]

It is showing an offset amount but it still showing as an additional income in the summary of income

[Bsch4477]

To deduct losses you have to itemize.

[fsy530]

Taxpayers who do not itemize deductions are penalized for not getting an offset of gambling winnings against gambling losses.. by being reported as additional income which is not.

[fsy530]

Gambling losses are not considered as one of those items to be deducted in your itemized deductions except considered as an offset only to reported gambling winnings.  I don't  find any reason why  if you don't itemize you are not allowed to offset gambling losses to gambling winnings... .. Doesn't make sense at all.

[Bsch4477]

That is frequently the case in tax law.

[fsy530]

There is no tax law that will disallow you to offset your gambling winnings against your gambling losses   especially when it comes to either doing a standard or itemized deductions on your personal Income tax

[fsy530]

Please show or quote any personal income tax law that disallow gambling losses to offset gambling winnings when you are doing a short form or standard deduction on a personal income tax.

[macuser_22]

It is the other way around.  Tax laws do not say what you *can't* do - they tell you what you *can* do.  

If you think the tax law allows gambling losses to offset winnings without itemizing then cite that law - you cannot because it does not exist.

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p529.pdf">https://www.irs.gov/pub/irs-pdf/p529.pdf</a>  page 11

[Bsch4477]

<a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc419">https://www.irs.gov/taxtopics/tc419</a>