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WON 10,000 GAMBLING,CAN I DEDUCK MONEY SPENT TO WIN THIS

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WON 10,000 GAMBLING,CAN I DEDUCK MONEY SPENT TO WIN THIS
Submitted: 2 years ago.Category: Tax
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Answered in 3 minutes by:
10/12/2015
Tax Professional: Barbara, Enrolled Agent replied 2 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,065
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you today.

You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return. If you lost as much as, or more than, you won during the year, you won't have to pay any tax on your winnings. Even if you lost more than you won, you may only deduct as much as you won during the year.

However, you get no deduction for your losses at all if you don’t itemize your deductions—just one of the ways gamblers are badly treated by the tax laws.

The following link contains excellent information you will find helpful:

http://www.nolo.com/legal-encyclopedia/deducting-gambling-losses.html

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 2 years ago

Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you.

Best regards,

Barb

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Barbara
Barbara
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