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tax-doctor
tax-doctor, Tax Preparer
Category: Tax
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Experience:  Federal, State and local income tax preparation
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gambliing winnings offset by losses

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gambliing winnings offset by losses
good morning! my name is XXXXX XXXXX i'm happy to answer your question today! yes, provided you itemize your annual deduction on form 1040 schedule A. You may deduct loses up to the amount of your winnings. it's not dollar for dollar offset, but it helps! if you require further assistance on this topic please feel free to ask otherwise please rate my answer OK or higher at this time, so that I'm pd for it, and if very satisfied, a bonus is always appreciated too, thank you!
Customer: replied 4 years ago.


where on schedule a do you itemize the losses?

other misc deductions section - see link - http://www.irs.gov/pub/irs-pdf/i1040sca.pdf

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