Claim your gambling losses on Schedule A, Itemized Deductions, under ‘Other Miscellaneous Deductions’.You cannot reduce your gambling winnings by your gambling losses and then report the difference.You must report the full amount or your winnings as income and claim your losses (up to the amount of your winnings) as an itemized deduction.Five important facts about deducting gambling income and losses: Continue reading for important facts about claiming your gambling losses on your tax return. Gambling losses must be reported on Schedule A as an Itemized Deduction, which are separate from winnings. For example, if you won $3,000 from gambling for 2016, the most you can deduct on your 2016 tax return is $3,000, no matter how much you lost. Yes, and here’s where the deductions on your gambling losses come in – you may be entitled to a deduction if you had any gambling losses come tax filing season, but only up to the extent of your winnings for the year. poker, craps, roulette, blackjack, etc.), racing or sports betting, and bingo. Gambling income includes- but not limited to- winnings from lotteries, keno, slot machines, table games (i.e. But did you know that all winnings are fully taxable? No matter how small your gambling winnings, they must be reported on your tax return. We all know the thrill of winning from gambling whether you’re an avid gambler or the occasional one.
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