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If you are not a professional gambler, your winnings are taxable and reported on schedule 1 line 8. losses are limited to the income and are reported on schedule A as an itemized deduction. losses in excess of winnings can not be carried over to next year.
a professional gambler reports winnings, losses and expenses on schedule C. losses and expenses can't exceed winnings.
Gambling losses are only an itemized deduction. Until all you itemized deduction exceed your standard deduction ($14,600 single, $29,200 Married filing Jointly for 2024) you will see no benefit. Itemized deductions are instead of the standard deduction, not in addition to it.
If you are not a professional gambler, your winnings are taxable and reported on schedule 1 line 8. losses are limited to the income and are reported on schedule A as an itemized deduction. losses in excess of winnings can not be carried over to next year.
a professional gambler reports winnings, losses and expenses on schedule C. losses and expenses can't exceed winnings.
Gambling losses are only an itemized deduction. Until all you itemized deduction exceed your standard deduction ($14,600 single, $29,200 Married filing Jointly for 2024) you will see no benefit. Itemized deductions are instead of the standard deduction, not in addition to it.
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