Question

Is there a gambling losses tax deduction I can claim on my tax return? On what form would I deduct my gambling losses?

Answer

While the IRS does not have a gambling losses tax, it does allow for you to deduct gambling losses on your tax return in the form of a miscellaneous deduction. To deduct your losses from gambling, you will need to:

    • Claim your gambling losses on Form 1040, Schedule A as Other Miscellaneous Deduction (line 28) that is not subject to the 2% limit.

You cannot deduct gambling losses for an amount greater than your gambling income.

 

Related Topics

Related Resources

Can I claim a disabled child tax credit for my disabled family member(s)?

Can you claim disabled family members as dependents? Find out more about your tax questions from H&R Block.

I have filing questions related to a workers’ comp head of household situation. My disabled brother can’t live alone, so

Learn how workers compensation could impact declaring head of household with advice from the tax experts at H&R Block.

I have a question about health care taxes and claiming my Medicare premium deduction. I pay Medicare premiums and supple

If you have Medicare, does your premium qualify for a deduction? Learn more from the tax experts at H&R Block.

If my spouse owes back taxes, will his tax debt affect my return?

Learn how your spouse owing back taxes may impact your federal tax return from the tax experts at H&R Block.