611885
You'll need to sign in or create an account to connect with an expert.
Gambling winnings are not directly offset against your losses. Your gambling winnings are included in income in the full amount. Your losses are only usable if (1) you itemize your deductions; and (2) you can only use gambling losses up to the amount of winnings. So if you have $1,000 in winnings and $2,000 in losses, you can only use $1,000 in losses on your return and only if you itemize your deductions.
Enter in your gambling winnings in the Less Common income section and you will then be asked about your losses later in this section.
Yes, you can enter the gambling winnings and losses (up to the amount of winnings) on your federal return
Gambling losses get entered into TurboTax after you first enter your gambling winnings, following these steps:
The interview will ask whether you have any gambling winnings, and will then ask you about gambling losses.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17552101674
New Member
keriswan58
New Member
keriswan58
New Member
trelawneyscroggins
New Member
721alucio
New Member