i mean I have been gambling in the casinos. I know I can get a profit and loss statement from the casin's. I was just wondering how much they allowed you to loose before you can take it off your taxes?
2007-10-09 13:56:10 · 3 answers · asked by cprucka 4 in Business & Finance ➔ Taxes ➔ United States
You must include all your gambling winnings in income on Form 1040, line 21.
If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings.
2007-10-09 23:01:09 · answer #1 · answered by MukatA 6 · 1⤊ 0⤋
You must claim ALL winnings as income on your return. If you keep accurate records of ALL of your gambling activity you can deduct your losses up to the amount of your winnings if you itemize your deductions.
You do NOT "net out" your winnings and claim that. You MUST claim ALL winnings on line 21 of your Form 1040 tax return.
2007-10-09 21:03:55 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
You can deduct 100% of your losses up to the amount of your winnings as an itemized deduction. You must itemize. If you use standard deduction, you deduct zero.
2007-10-09 21:11:28 · answer #3 · answered by Anonymous · 1⤊ 0⤋