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Deducting Gambling Losses | Nolo
So, if you made $10,000 on gambling last year but lost $12,000, you can only deduct $10,000 in losses (nothing more). This can be a bit of a bummer, but don’t worry. You will be itemizing anyways, and this can set you up for some other great tax credits. How to Claim Gaming Wins and Losses on a Tax Return ... Gambling Losses. To claim your gambling losses, you have to itemize your deductions. Gambling losses are a miscellaneous deduction, but -- unlike some other miscellaneous deductions -- you can deduct the entire loss. The deduction goes on line 28 of Schedule A and you have to note that the deduction is for gambling losses. Taxes on Gambling Winnings and Deducting Gambling Losses
How to Use Gambling Losses as a Tax Deduction | Sapling.com
Can you deduct gambling losses for the 2018 tax year ...
How to Deduct Gambling Losses From Your Tax Returns ...
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Play your tax cards right with gambling wins and losses -…
Gambling Winnings Income Taxes, Taxable Income from Gambling
Losses and tax deductions. You can write off gambling losses as a miscellaneous itemized deduction.But the TCJA’s near doubling of the standard deduction for 2018 (to $24,000 for married couples filing jointly, $18,000 for heads of households and $12,000 for singles and separate filers)... 4. Are gambling losses tax deductible on federal income …