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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15457
Experience:  15years with H & R Block. Divisional leader, Instructor
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For the first time this year, we have more in gambling losses

Resolved Question:

For the first time this year, we have more in gambling losses than we have in winnings. Our winnings are documented with 1099's from the various casinos. Our losses can be documented via cash advance withdrawals on our credit cards at the various casionos. We have never itemized before - have always taken the standard deduction. This year, can be itemize just by virture of the gambling losses alone? The gambling losses alone take us well over the standard deduction.
Submitted: 5 years ago.
Category: Tax
Expert:  Robin D. replied 5 years ago.

Robin D :

Hello and thank you for using Just Answer.
The only amount of your losses that you can claim on the Schedule A would be equal to your winnings. If you have $5000 in losses but $2000 in winnings the additional $3000 is lost a s a deduction but if the losses are equal to the winnings and still make you higher on the Schedule A than standard deduction use, yes you can itemize just by using the losses. I stress though, you cannot claim losses more than you show as winnings.
Thank you in advance for clicking ACCEPT and Happy New Year.

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