765014
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

luna1
New Member

Can you deduct gambling losses

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DS30
New Member

Can you deduct gambling losses

Yes but only to the extent of your gambling winnings for the year and only if you itemize your deductions.

You use Schedule A to report your deductible gambling losses. However you will only get the benefit of being able to deduct these gambling losses if all your itemized deductions combined are greater than your standard deduction. So if your standard deduction is greater than your itemized deductions, TurboTax will take the greater standard deduction.

According to the IRS:

  • Gambling winnings are fully taxable and you must report them on your tax return.
  • You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return

Please refer to this IRS link for more information about reporting gambling winnings and losses

To enter your gambling winnings and losses in TurboTax Online(for TurboTax Online sign-in, click Here) or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on” (see more income)
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose "show more", then Gambling Winnings and follow the onscreen instructions
  6. You also report your gambling losses here. (They are only deductible to the extent of your winnings and only if you itemize your deductions.)


Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question