2007-08-15 11:56:27 · 8 answers · asked by tazman81 2 in Business & Finance ➔ Taxes ➔ United States
You can claim losses only up to the amount of your gambling winnings for the year that you are reporting and paying tax on - and then only if you itemize. There are some very specific record-keeping requirements you must follow in order to take a deduction. You can't just show up with $5000 in losing lottery tickets to wipe out $5000 you won on the slots - they aren't going to believe that you never had a winning ticket but just had 5000 losers.
2007-08-15 14:16:04 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
confident and no. confident, in case you have adequate itemized deductions to exceed the customary Deduction that certainly everyone seems to be entitled to, you are able to choose for to apply the Itemized record extremely than the customary Deduction to cut back your earnings which you pay taxes on in a given 3 hundred and sixty 5 days. playing losses are deductible in case you itemize, yet to no longer exceed your winnings in any given 3 hundred and sixty 5 days which you're affirming and paying taxes on. In different words, say you win $10,000 playing in 2006. you presently owe taxes on your winnings. in case you are able to record your losses, you are able to offset the playing earnings by employing $10,000 in losses and not could desire to pay taxes on the winnings. So no, you are able to no longer get a reimbursement on your losses, you are able to purely offset the winnings you are going to be able to desire to pay taxes on.
2016-10-10 07:37:50 · answer #2 · answered by ? 4 · 0⤊ 0⤋
To the extent of your winnings. In other words, your losses are deducted from your winnings but that's it. You can't write them off against other income.
2007-08-15 12:04:29 · answer #3 · answered by Box815 3 · 6⤊ 0⤋
You can with gambling and seems to be the same thing...win/loss. H&R Block did it for my boyfriend..she found a way to write off over $10,000
2007-08-15 12:04:14 · answer #4 · answered by Perennial Queen 6 · 0⤊ 2⤋
Only to the extent of any gambling winnings. You need to itemize your deductions to take the deduction.
2007-08-15 12:05:09 · answer #5 · answered by Bostonian In MO 7 · 4⤊ 0⤋
If you have 1,000 of winnings you can claim up to 1,000 of losses. You CANNOT claim more than your winnings.
2007-08-15 12:08:32 · answer #6 · answered by Anonymous · 1⤊ 0⤋
wouldn't that be great?
but that's a big negatory good buddy :)
2007-08-15 12:04:28 · answer #7 · answered by Lady D 4 · 0⤊ 4⤋
no
2007-08-15 12:08:14 · answer #8 · answered by Anonymous · 0⤊ 2⤋