You can't reduce your gambling winnings ($500) by your gambling losses ($400) and only report the difference ($100) as income. If you itemize, you can claim a $400 deduction for your losses, but... Gambling losses cannot be greater than gambling wins for the tax year. Example: John wins $23,500 during the year playing slots and other casino games. His gambling losses are $37,900. John reports his $23,500 of wins on Schedule 1 and $23,500 as an itemized deduction on Schedule A. The additional losses are not deductible. If John doesn’t have any other itemized deductions and is married he is better off taking the $24,000 standard deduction. He derives no additional benefit from the Under current federal and state law, gamblers can claim deductions on gambling losses, provided these are itemized on tax returns and do not exceed the amount of income from gambling reported. But... Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available... Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses. Gambling and lottery winnings is a separate class of income under Pennsylvania personal income tax law. See 72 PA C.S. §7303(a)(7). Between July 21, 1983 and Dec. 31, 2015, all prizes of the Pennsylvania Lottery were excluded from this class of income. As a result of Act 84 of 2016, cash prizes of the Pennsylvania Lottery that are paid on or after Jan. 1, 2016, are included in this class of The losses are only deductible to the extent of the winnings. Taken from http://www.irs.gov/taxtopics/tc419.html is the following: "You may deduct gambling losses only if you itemize deductions.... As noted, the IRS requires that you maintain records of your gambling activities if you hope to deduct losses. Deductible gambling expenses include travel expenses to or from a casino. Gambling... Non-resident aliens generally cannot deduct gambling losses. There is an exception for Canadian citizens who may deduct their losses to the extent of their winnings. You may owe state or local taxes on your gambling winnings as well. You may or may not be able to deduct gambling losses on your state tax return. You cannot deduct more than you won. And excess gambling losses cannot be carried forward to future tax years.
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Use gambling losses as a tax deduction Taxes take a big chunk out of your money but taxes are very important as this serves as the bloodline of any governmen... If you play the ponies, play the cards, or pull the slots, your winnings are taxable. You must report them on your tax return. If you gamble these IRS tax t... How to Use Gambling Losses as a Tax Deduction. Part of the series: Tax Deduction Tips & Advice. In order to claim gambling losses as deductions on a tax retu... In order to claim gambling losses as deductions on a tax return, records must be kept of all winnings and losses during the whole year. Understand all the im...
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