It is very important to note
that you must enter your gambling winnings in order to deduct your losses.
However, gambling losses are an itemized deduction. You will only see a tax
benefit from this loss if your itemized deductions (added together) are more
than your standard deduction.
You should have received a W-2G
from your winnings.
If you have received this,
1. Click Federal Taxes on the left tab
2. Click
on Wages &
Income on the top tab
3. Select
see All Wages and
Income
4. Find
the Less Common
Income section (it should be the
last category)
5. Select Show More
6. Find
the Gambling
Winnings section and click “Start”
a.
There you will answer the questions based upon the W2-G you were given
7. This section will also ask you about the gambling losses
Remember you must enter your
gambling winnings in order to deduct your losses. However, gambling losses are
an itemized deduction. You will only see a tax benefit from this loss if your
itemized deductions (added together) are more than your standard deduction.
You can refer to this article
for more information on this if you like:
https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4l...
