How to write off gambling losses

[MargaretL]

You can only write off gambling losses if you report your gambling winnings - per IRS rules.  If you happen to have a bad year, you cannot just deduct your losses without reporting any winnings.

As soon as you enter your gambling winnings in TurboTax, you'll be asked to enter your gambling losses.

The entry in TurboTax is as follows:

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 and your gambling losses.

Note: 

[Janelle1971]

The turbo tax program does not show a gambling loss line entry on schedule A

[DoninGA]

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@Janelle1971 wrote:

The turbo tax program does not show a gambling loss line entry on schedule A

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If you entered gambling winnings and gambling losses no more than the winnings, the losses are reported on Schedule A Line 16 

[DaveF1006]

Please follow the directions listed in this Turbo Tax link.  Here is a summary of that link.

1. Click on Federal Taxes > Wages & Income 
2. In the Less Common Income section , click on the Start/Update box next to gambling winnings.  
3. On the Gambling Winnings screen, click the Yes box.
4. On the screen, Tell Us About Your Winnings, click the Skip W2-G box if Form W2g is not issued. 
5. On the next screen, Any Other Gambling Winnings, click the Yes box.  
6. You will be able to enter your winnings in the Other Gambling Winnings screen.
7. Since gambling losses can be deducted as an itemized deduction up to the total of reported gambling and prize winnings, enter your losses (if any) on the next screen, Gambling Losses.