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fsy530
New Member

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

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

10 Replies
fsy530
New Member

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

Do I need to wait for updates on this problem
fsy530
New Member

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

It is showing an offset amount but it still showing as an additional income in the summary of income
Bsch4477
Level 15

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

To deduct losses you have to itemize.

fsy530
New Member

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

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
New Member

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

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
Level 15

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

That is frequently the case in tax law.
fsy530
New Member

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

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
New Member

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

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
Level 15

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

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
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Bsch4477
Level 15

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

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