turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yes No
jragauas
New Member

Gambling looses

Had big gambling losses in 2016 is this a deduction with proof from casino
posted
‎June 6, 2019 7:07 AM
last updated ‎June 06, 2019 7:07 AM
0
2
641
Reply
Bookmark Icon
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
xmasbaby0
Level 15
Level 15

Gambling looses

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction.  Losses do not offset winnings dollar for dollar.


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

‎June 6, 2019 7:07 AM
0
629
Reply
Bookmark Icon
2 Replies
xmasbaby0
Level 15
Level 15

Gambling looses

To enter the W-2G  or other documents For your Gambling winnings--Go to Federal>Wages & Income>Less Common Income>Gambling Winnings

You can enter your winnings, and then keep clicking through the interview to enter gambling losses.

Gambling losses are an itemized deduction; you can only get a deduction if the combination of all of your other itemized deductions exceeds your standard deduction.  Losses do not offset winnings dollar for dollar.


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎June 6, 2019 7:07 AM
0
630
Reply
Bookmark Icon
jerry2000
Alumni
Alumni

Gambling looses

You can claim gambling losses only as much as you claim gambling winnings and no more. You can not claim more gambling losses than you claim gambling winnings.
‎June 6, 2019 7:07 AM
0
629
Reply
Bookmark Icon

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics

Unlock tailored help options in your account.

Live Assisted: Get answers to all your tax questions! Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Live Assisted. Explore your options!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

trentnickel
Allofthat1
charcharlarlar
Hongster
ariana-n-moreno