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I have limited disability income, however, living alone I…

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I have limited disability income...
I have limited disability income, however, living alone I entertain myself at my local casino. Can I file win losses and receive a rebate?
Submitted: 1 month ago.Category: Tax
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Answered in 27 minutes by:
3/6/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,687
Experience: Taxes, Immigration, Labor Relations
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Your winning are taxable - and your losses are deductible.

You will need to file your tax return - to report your winnings.

You may deduct gambling losses only if you itemize your deductions on Form 1040, Schedule A.pdf, and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Miscellaneous Deductions" (line 28)

So far - if your losses are more than winning - your deduction is limited.

But you might be able to claim a refund for income tax withheld from your winning.

Let me know if you need help with reporting.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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