CD Turbotax Home & Business...on W2.g... gambling winnings does not offset same amount of losses if you don't itemize deductions... WHY ????
It is showing an offset amount but it still showing as an additional income in the summary of income
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.
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.
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
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.
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
<a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc419">https://www.irs.gov/taxtopics/tc419</a>