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elliottju
New Member

Do I still get taxed on my gambling win if my losses were the same?

 
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Phillip1
New Member

Do I still get taxed on my gambling win if my losses were the same?

Yes.

Gambling winnings are always taxable and included in your income. The gambling losses are deductible as an itemized deduction that is limited to the amount of money that you won. If the total itemized deductions that you have (including gambling losses) are less than your standard deduction, you will deduct the standard deduction - if this is the case, your gambling losses will not have a tax benefit to your return even if they equal your gambling winnings.

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1 Reply
Phillip1
New Member

Do I still get taxed on my gambling win if my losses were the same?

Yes.

Gambling winnings are always taxable and included in your income. The gambling losses are deductible as an itemized deduction that is limited to the amount of money that you won. If the total itemized deductions that you have (including gambling losses) are less than your standard deduction, you will deduct the standard deduction - if this is the case, your gambling losses will not have a tax benefit to your return even if they equal your gambling winnings.

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