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ljdilullo
New Member

What if I lost more than I won in gambling?

 
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What if I lost more than I won in gambling?

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. 

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Hal_Al
Level 15

What if I lost more than I won in gambling?

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.

View solution in original post

2 Replies

What if I lost more than I won in gambling?

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. 

Hal_Al
Level 15

What if I lost more than I won in gambling?

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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