CAN I DEDUCT MY MORTGAGE INTEREST AND PROPERTY TAX THIS YEAR?

[rescobar4321]

WHEN YOU PUT YOUR GAMBLING WINNINGS AND DEDUCT THE SAME AMOUNT FOR LOST WON'T IT BALANCE IT OUT?

[xmasbaby0]

Gambling

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

https://www.irs.gov/help/ita/how-do-i-claim-my-gambling-winnings-and-or-losses

Gambling winnings are taxable income.  Losses are an itemized deduction.  If you do not have enough itemized deductions to exceed your standard deduction, your losses will have no effect.

https://blog.turbotax.intuit.com/income-and-investments/how-are-gambling-winnings-taxed-8891/

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY    $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and mortgage insurance that you paid in 2024   You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February or you may be able to import the 1098 from the lender’s website.

[DawnC]

Your gambling winnings are reported on Form 1040 - line 8.   Your losses are only deductible (up to the amount you won) if you itemize your deductions.  So, if you itemize, and only if you itemize, your losses will be included on Form 1040 - line 12.   

The IRS doesn't permit you to ‌subtract your losses from your winnings and report the difference on your tax return. You must report your winnings and losses separately.

Reporting Gambling Winnings and Losses on your Tax Return

What are Itemized Deductions?