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hrb173723
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CAN NOT FIND SCREEN TO ENTER GAMBLING EXPENSE

 
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CAN NOT FIND SCREEN TO ENTER GAMBLING EXPENSE

Type   gambling losses    into the search box, click Find, then click Jump to

Gambling losses do not directly offset gambling winnings, instead they are an itemized deduction. You get no tax benefit from itemized deductions until all of them added together are more than your standard deduction.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.

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CAN NOT FIND SCREEN TO ENTER GAMBLING EXPENSE

Type   gambling losses    into the search box, click Find, then click Jump to

Gambling losses do not directly offset gambling winnings, instead they are an itemized deduction. You get no tax benefit from itemized deductions until all of them added together are more than your standard deduction.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.

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