Spent $1000 on scratchers - won $300 but have $800 in losing tickets. What do I show as my losses? $500 (the $800 in losing tickets less the $300 I won) or $700 ?

bigboy1gggg · ‎June 4, 2019

Critter · ‎June 4, 2019

Sorry but the gambling losses must not be any more than the winnings ... the program will tell you this when you enter the winnings.

macuser_22 · ‎June 4, 2019

And the loss is only deductible if you itemize.

Itemized deductions will only be of benefit if all itemized deductions exceed the standard deduction.

For 2017 the standard deductions are:

Single or filing Married Filing Separately - $6,350
Married Filing Jointly or Qualifying Widow(er) - $12,700
Head of Household - $9,350

(If over 65 or blind add $1,250 - $1,550 if filing single or HOH)

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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Spent $1000 on scratchers - won $300 but have $800 in losing tickets. What do I show as my losses? $500 (the $800 in losing tickets less the $300 I won) or $700 ?