2006-12-27 02:57:52 · 7 answers · asked by saluda1950 2 in Business & Finance ➔ Taxes ➔ United States
You can claim the amount you won (that is, the amount you lost equal to the amount you won, so if you won $1000 and lost $1500, you can only claim $1000, you should documentation that you lost at least the amount you claim).
2006-12-27 03:06:39 · answer #1 · answered by Yo it's Me 7 · 1⤊ 0⤋
You can only deduct or claim losses up to the amount that you report as winning.
So, if you win a big slot jackpot of $10,000 and the casino makes you fill out paperwork for taxes, you can only deduct losses up to that amount.
If you win a little at the craps table and a little at the blackjack table, but never report any winnings for the year... you can't claim any of your losses.
2006-12-27 03:04:05 · answer #2 · answered by John Stamos 3 · 1⤊ 1⤋
If you itemize, you can claim losses up to the amount of your winnings in the same year. You have to itemize to claim gambling losses.
2006-12-27 03:15:23 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
Bad news, you can only Deduct the losses up to the amt you won. If you hit a 10,000 jackpot and you lost 20,000 all year, you can deduct 10,000 only.
2006-12-27 04:07:19 · answer #4 · answered by Anonymous · 1⤊ 1⤋
The only way to claim more losses than winnings is to be a professional gambler.
2006-12-27 06:42:30 · answer #5 · answered by mattapan26 7 · 1⤊ 1⤋
Only up to the amount you won and only then, if you have enough to itemize.
2006-12-27 03:10:08 · answer #6 · answered by Wayne Z 7 · 0⤊ 1⤋
You can only deduct losses to the extent of your winnings.
2006-12-27 03:01:15 · answer #7 · answered by jseah114 6 · 3⤊ 1⤋