I know you can deduct various investment losses, but was wondering if it was possible with proff in the case of gambling
2007-01-26 07:35:40 · 12 answers · asked by jessica 2 in Business & Finance ➔ Taxes ➔ United States
Gambling losses can only be deducted up to the amount of any gambling winnings. To claim the deduction you would have to Itemize your deductions on the Schedule A. The schedule A is for deduction home mortgage interest etc. You want to compare the Itemized deductions to the standard deduction to see which would allow you to deduct the most.
For more information call the IRS at 1-800-829-1040
2007-01-26 07:44:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If your return shows gambling winnings (which is taxable income) you can claim gambling losses in that same year if you itemize, and if you have proof which can be a detailed log of ALL of your gambling for the year. You can't just collect losing lottery tickets from all your friends, and claim they were your losses.
If you don't itemize, you can't take a deduction for losses. You can't just subtract your losses from your win and only report the difference as miscellaneous income.
2007-01-26 09:55:41 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes, but only to the extent of the winnings. Say you had $150 in losses and $75 in winnings, your deduction would only be $75, the extent of your winnings.
The reverse is also true. If you had $75 in losses and $150 in winnings, you would owe tax on the $75 "other income".
Hope you kept the receipts.
2007-01-26 07:46:26 · answer #3 · answered by PALADIN 4 · 0⤊ 1⤋
A qualified yes. You can deduct gamling losses from gambling winnings, for any losses sustained after the winnings in gambling.
2007-01-26 07:42:49 · answer #4 · answered by regerugged 7 · 1⤊ 1⤋
Yes they are! But only to the amount of your wins! AND you must keep a believable diary ! Most gambling wins are documented with the w2g forms when you win and taxes will be held from this win if it is 600 times your bet!
2007-01-26 07:45:26 · answer #5 · answered by rockhound 1 · 0⤊ 0⤋
you can only deduct losses that are equal to or less then any winnings in that year, so if all you do is lose, then you may not deduct
2007-01-26 07:44:17 · answer #6 · answered by greg o 1 · 0⤊ 0⤋
only off of your winnings (ie you can't deduct to the point you have a loss on your taxable income, but you can reduce the amount of winnings you pay taxes on)
2007-01-26 07:43:22 · answer #7 · answered by dwalkercpa 5 · 1⤊ 1⤋
Only against taxable winnings
2007-01-26 07:41:52 · answer #8 · answered by Anonymous · 2⤊ 0⤋
in case you promote one kidney ,you cant stay very lengthy my frnd!! dont you recognize playing is a sin,it has destroyed many lives,it like a speedy sand more desirable you attempt to get out of it more desirable you get into it. your household,acquaintances or kin may help you,search for his or her help.
2016-10-16 03:43:13 · answer #9 · answered by ? 4 · 0⤊ 0⤋
I would imagine politicians would find a way to write them off.
2007-01-26 07:52:25 · answer #10 · answered by poutine 4 · 0⤊ 1⤋