If I put no gambling winnings or losses, my refund is $1200. If I show winnings of $7000 & losses of $7000, my refund is $700. Why? I thought losses offset winnings.

cwljr46 · ‎June 4, 2019

xmasbaby0 · ‎June 4, 2019

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.

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If I put no gambling winnings or losses, my refund is $1200. If I show winnings of $7000 & losses of $7000, my refund is $700. Why? I thought losses offset winnings.