Gambling losses

[mccub]

Im not sure what I can include as my gambling loses? If I have check stubs for paying for bingo is that ok?

[MargaretL · Accepted solution]

Yes, check stubs are sufficient forms of proof for your gambling expenses and you can include your gambling losses (up to the gambling winning amount) as long as you can substantiate your losses. 

1. Federal taxes
2. Wages and Income
3. Scroll down to Less Common Income
4. Select Gambling Winnings - please follow the prompts. You will be asked if you received form W-2G as that's how winnings are usually reported. But - if you have not received the form- select Skip; the program will ask about winnings not reported on Form W-2G. Only then you can enter your gambling losses.

[lferrer]

I've entered my winnings based on W2-G but it's not giving me an option to enter gambling losses.  Can you please provide specific location to enter losses

[lferrer]

never mind, I found it

[xmasbaby0]

@lferrer

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/

https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)