2007-01-31 07:12:05 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Only if you itemize. Then you can claim the gambling losses up to the amount of your winnings as shown on your return. You have to keep good records and show ALL of your winnings as taxable income, and are only allowed a deduction up to the amount of your winnings.
2007-01-31 16:14:26 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Only up to what you won.
If you use the guest cards the Casino's give you and / or write checks to the Gambling place this can give you a record you need for tax purposes. Sadly, usually taxpayers spend much more than they win.
good luck & blessing
2007-01-31 15:16:03 · answer #2 · answered by Wood Smoke ~ Free2Bme! 6 · 1⤊ 0⤋
You can claim them up to the amount of your certified gambling winnings for a given year. You cannot claim them in excess of that - i.e., to reduce taxable income of another kind.
2007-01-31 15:17:45 · answer #3 · answered by jerrold 3 · 2⤊ 0⤋
only to the extent that you have winnings. If you have $5,000 of losses and only $50 of winnings, you can deduct $50 and CLAIM $50 if winnings.
2007-01-31 15:24:01 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋