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frank-deb
Level 1
May 3, 2021
Question

How do I offset gambling win with loss

  • May 3, 2021
  • 2 replies
  • 5 views
where do I enter gabling losses

2 replies

S
Alumni - Champ
SweetieJeanAlumni - Champ
Alumni - Champ
May 3, 2021

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling Winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income.  Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction.  Gambling losses are not a one-for-one reduction in winnings.  Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g

 

S
Alumni - Champ
SweetieJeanAlumni - Champ
Alumni - Champ
May 3, 2021

Also be aware that a few states do not allow a deduction for losses, but still tax winnings.

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