Yes but only to the extent of your gambling winnings for the year and only if you itemize your deductions.
You use Schedule A to report your
deductible gambling losses. However you will
only get the benefit of being able to deduct these gambling losses if all your
itemized deductions combined are greater than your standard deduction.
So if your standard deduction is greater than your itemized deductions,
TurboTax will take the greater standard deduction.
According
to the IRS:
- Gambling winnings are fully
taxable and you must report them on your tax return.
- You may deduct gambling
losses only if you itemize deductions. However, the amount of losses you
deduct may not be more than the amount of gambling income
reported on your return
Please
refer to this IRS link for more information about reporting gambling winnings and
losses
To
enter your gambling winnings and losses in
TurboTax Online(for TurboTax
Online sign-in, click Here) or Desktop, please follow these steps:
- Once
you are in your tax return, click on the “Federal Taxes” tab ("Personal"
tab in TurboTax Home & Business)
- Next click on “Wages and
Income”
("Personal Income" in TurboTax Home & Business)
- Next click on "jump to
full list" or “I’ll choose what I work on” (see more income)
- Scroll down the screen until
to come to the section “Less Common Income”
- Choose "show more",
then Gambling Winnings and follow the onscreen instructions
- You also report your gambling
losses here. (They are only deductible to the extent of your winnings and
only if you itemize your deductions.)
