Why when i put gambling winnings and same for losses does it reduces my return?
I put in my gambling winnings and same for losses and it reduces my return?
02452
1 Best answer
Critter
Level 15
Jun 4, 2019 11:53:21 AM
The winnings are income and the losses must be taken on the Sch A as itemized deductions BUT that will only be helpful if you can itemize deductions. Until the Itemized deductions exceeds the standard deduction you will see no benefit on the return.
2 Replies
BobinCT
Level 7
Jun 4, 2019 11:53:19 AM
Do you collect Social Security?
Critter
Level 15
Jun 4, 2019 11:53:21 AM
The winnings are income and the losses must be taken on the Sch A as itemized deductions BUT that will only be helpful if you can itemize deductions. Until the Itemized deductions exceeds the standard deduction you will see no benefit on the return.