How much of my gambling losses can I deduct??

I have W2S for gambling winnings which i need to report.  How much losses can I claim?? They are three times as much or more than my woinings
  • how is head of a household determined?
  • How do i proove how much I lost?
  • I have a win/loss statement with only losses on it. The system will not allow me to file my Fed form because I do not have a W-2S. How do I get passed this?
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You can only report gambling losses up to the amount of your winnings.  The losses are not a one-to-one deduction.  They are reported as a Miscellaneous itemized deduction on Schedule A.  Your total itemized deductions must be greater then your standard deduction to have an effect on your tax liability.
Your gambling losses are reported in the same section as your gambling winnings

Go to Federal Taxes
Click on Wages and Income
Scroll down to Less Common Income
On Gambling Winnings click the start or update button
  • I had 1205.00 winnings entered an increased my tax debt by approx 400.00  had losses in excess of 1205.00, which I put in 1205.00 and tax liability did not change.   Why?   shouldn't this be an offset?
  • did you itemize? or take a standard deduction?
    I beleive you can only deduction losses if you itemize
  • Thank you, yes I did.   I got an answer that depending on your tax liabiity based on total earnings will affect the pct of losses that will offset.    Loss must equal winnings, no more, but it turns out it is not a total "wash"  Again thanks.
  • I had winnings of 2324.00 and losses of 2324.00 and my refund did not go back up and I itemized, why did my refund not go back up?
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yes
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