My mother won money from gambling and had to claim that,but is it possible to deduct her loses as well and if so how can she do this.
2007-04-04 10:52:01 · 6 answers · asked by Ruth S 1 in Business & Finance ➔ Taxes ➔ United States
Gambling losses are deductible to the extent of winnings if you itemize.
2007-04-04 11:01:53 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Gambling losses (up to the amount of winnings but not over) are an itemized deduction on Schedule A, Form 1040.....assuming she has receipts to prove the losses.
I was told that proving gambling winnings and losses are going to be a point of emphasis for IRS in the next few years.
2007-04-04 17:55:47 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
You can deduct gambling losses, but only to the extent you have winnings. You CANNOT have a net loss from gambling.
2007-04-04 17:56:07 · answer #3 · answered by dewkisses02 4 · 0⤊ 0⤋
If she itemizes, she can take documented gambling losses as an itemized deduction, up to the amount of the winnings she's claiming on her return that year.
If she doesn't itemize, then no she can't deduct losses.
2007-04-04 20:23:01 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Gambling losses can be written off to the extent of gambling winnings. In other words, if you've lost more than you've won in a calendar year (AND CAN DOCUMENT IT!) you won't have to pay any taxes on it.
The citation below comes "straight from the horse's mouth:" The IRS itself.
2007-04-04 17:56:28 · answer #5 · answered by Scotty Doesnt Know 7 · 0⤊ 2⤋
i don't think so she can deduct losses from that
2007-04-04 17:56:07 · answer #6 · answered by mitir 2 · 0⤊ 3⤋