You must enter
winnings in order to deduct losses. Please keep in mind gambling losses are an
itemized deduction. You will not see any tax benefits from itemized deductions
until all of them added together are more than your standard deduction.
- Choose the Federal
Taxes tab (
Personal Tab in Home and Business)
- Select Wages &
Income
- Select I'll choose what I
work on
- Go to Less Common
Income
- Select Gambling
winnings
- Once you have entered in your
gambling winnings click on Continue. Once you finish the questions for
this area you will then be able to enter your gambling losses.
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