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Can i deduct my gambling losses from my winnings

 
1 Reply
CherylW
Level 3

Can i deduct my gambling losses from my winnings

You can only deduct gambling losses to the extent of your winnings, and then only if you itemize.

So if you won $100, you could only take a $100 deduction, and only on your Schedule A.

You have to have more than what the IRS gives you in deductions.  See the chart below for your filing status to see if you have more in TOTAL deductions.

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