If you have gambling winnings, but loose the same monies back in the same day, can you claim the winnings also as losses?

[DoninGA · Accepted solution]

It does not matter the time-frame for the winnings and losses, you still have to report both separately.

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 21 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