Can you file gambling losses taxes

If the answers to these questions are "yes," you need to know about deducting your gambling losses. All Gambling Winnings Are Taxable Income All gambling winnings are taxable income—that is, income that is subject to both federal and state income taxes (except for the seven states that have no income taxes). Learn about gambling and the lottery in Massachusetts | Mass.gov Massachusetts allows you to deduct the cost of any winning ticket or chance from the winnings you received from it, reducing your taxable lottery and gambling income. Even if you buy other tickets during the year, you can only deduct the cost(s) of the winning ticket(s).

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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 …