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gambliing winnings offset by losses

gambliing winnings offset by losses
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9/2/2012
tax-doctor
tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience: Federal, State and local income tax preparation
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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!
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Customer reply replied 5 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

tax-doctor
tax-doctor, Tax Preparer
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