Itemized deduction on gambling loss
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New Member

Itemized deduction on gambling loss

 
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Level 3

Itemized deduction on gambling loss

gambling losses are only deductible to the extent of gambling gains and are reported on schedule A line 16 other deductions. to be of any use your itemized deductions must exceed your standard deduction.  

Employee Tax Expert

Itemized deduction on gambling loss

Gambling losses do not reduce your gambling winnings dollar for dollar. Gambling winnings are added to your taxable income while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.

 

If the total of your itemized deductions including the gambling losses do not exceed your standard deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you do not have the full benefit of the losses on your tax.

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