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Returning Member
posted Feb 9, 2021 11:36:24 AM

gambling loss

I bought $100 worth raffle tickets for Catholic grade school fund raiser drawing  - No Win

I did win a $20 gift certificate on a Valpak sweepstakes (no cost to me for the entry)

How much can I deduct?  Turbo Tax is saying IO can only deduct up to the $20 winning.

I thought I could deduct $80. 

 

reliant500 

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1 Replies
Level 15
Feb 9, 2021 11:37:49 AM

You can only deduct up to what you won and only if you itemize.