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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 ?

 
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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 ?

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

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 ?

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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