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winnings are reported as income - through the miscellaneous income section. losses and cost of bets are deductible only on line 16 of schedule A which means you need to be able to itemize to get a benefit. the losses and costs of bets if reported can not exceed the winnings reported.
winnings are reported as income - through the miscellaneous income section. losses and cost of bets are deductible only on line 16 of schedule A which means you need to be able to itemize to get a benefit. the losses and costs of bets if reported can not exceed the winnings reported.
Enter the W-2G if you have one, under Wages & Income "Prizes, Awards, and Gambling Winnings"
Once the income is entered, continue the interview and a screen to enter your loss is made available.
Miscellaneous expenses are no longer available on Schedule A.
Got the answer and implemented it in my filing. Thanks
There should have been a question in the step-by-step section or you can go to view forms and select the form for reporting gambling winnings. I know that you can offset winnings on your federal return if you have kept paper records or have a stack of losing lottery tickets. I used to live in IL and the state did not allow any offset for losses on the state return. I now live in AZ and did not have any winnings so I ignored that section.
not quite correct. your winning are reported on schedule 1 line 8b. losses and cost of bets are deducted on line 16 of schedule A and can not exceed winnings. they are of no benefit if you can't itemize. some states, like Illinois, do not allow itemized deductions so the cost of bets and losses are of no benefit
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