How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask tax-doctor Your Own Question
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience:  Federal, State and local income tax preparation
Type Your Tax Question Here...
tax-doctor is online now
A new question is answered every 9 seconds

gambliing winnings offset by losses

This answer was rated:

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 -

tax-doctor and 3 other Tax Specialists are ready to help you

Related Tax Questions