2007-01-17 12:54:10 · 5 answers · asked by nickles46ta 1 in Business & Finance ➔ Taxes ➔ United States
If you itemize, you can claim gambling losses up to the amount of gambling winnings that you are reporting for that year, if you have proof of the losses. If you don't itemize, you still have to claim any winnings but can't deduct gambling losses.
2007-01-17 13:35:49 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
you can claim losses against winnings only.
should you do so please maintain receipts ,lose tickets or logs of your winning and losses.IRS loves these claims cause they get to stick you when you can't provide the paper trail.
they use Big Sticks^^
2007-01-17 22:58:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
not real sure how it works but yes you can ....usally to off set a large win..you would really need to get to a tax perparer if you have had a big win...
2007-01-17 21:09:24 · answer #3 · answered by beckybuttus 2 · 0⤊ 0⤋
No. Actualy over a certain dollar amount, you'll have to pay taxes on it.
2007-01-18 00:05:38 · answer #4 · answered by gloried 3 · 0⤊ 0⤋
yes under gambling losses and winnings (if any)
2007-01-17 22:38:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋