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

Other Itemized Deduction Qualifications

Discover what items qualify as other itemized deductions with help from the tax experts at H&R Block.

Dependency and Residency Tests

How long does a person have to live with you before you can claim that person as a dependent? Get Tax Answers from H&R Block.

Claiming A Per Diem Tax Deduction

How do you claim a per diem tax deduction? Learn more from the tax experts at H&R Block.

Claiming EITC but Not Dependent

Can you claim your children for the Earned Income Tax Credit but not as dependents, so your ex-spouse can claim them as dependents? Get Tax Answers from H&R Block.