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ed_trela
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Where do I show my gambling losses on my return?

 
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Where do I show my gambling losses on my return?

You can only report gambling losses up to the amount of your gambling winnings.  Gambling losses are reported as Miscellaneous itemized deduction on Form 1040 Schedule A.  Gambling losses are not a one-for-one reduction of your gambling winnings.  Your total itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.

To enter, edit or delete Gambling Winnings and Losses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Less Common Income
  • On Gambling Winnings, click the start or update button

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