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Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 21 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
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Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 21 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
To enter, edit or delete Gambling Winnings and Losses -
Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g
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