You'll need to sign in or create an account to connect with an expert.
That is true, you are allowed to deduct gambling losses only to the extent of your winnings. Try going back and entering the amount $3,112 as the gambling losses and see it the message goes away.
Here is an excerpt from TurboTax guidance How to Pay Taxes on Gambling Winnings and Losses
"You can’t deduct the cost of your wager from your winnings when determining how much you won, but you can deduct your gambling losses subject to certain rules.
You’re allowed to deduct losses only up to the amount of the gambling income you claimed. So if you won $2000 but lost $5,000, your itemized deduction is limited to $2,000. You can’t use the remaining $3,000 to reduce your other taxable income."
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17779185711
New Member
amhow08
New Member
trentnickel
New Member
Allofthat1
New Member
charcharlarlar
New Member