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taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 712
Experience:  Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Are gambling loses tax deductible?

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Are gambling loses tax deductible?

Welcome to Just Answers! Thank you for giving me the opportunity to assist you! I will do my best to help!


Yes, gambling losses are deductible, but only to the extent of gambling winnings! So, if you have $1500 of winnings from the slot machines, but have lost $2200 on the slots and tables, you can only deduct $1500 of the losses. The rest are lost.


If you have no gambling winnings, you cannot deduct any gambling losses.


I hope this helps! If you have any more questions, please let me know. I would be happy to answer! If you have found my answer helpful, please rate me highly. I would appreciate it!


Again, thanks! Have a great week!



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