Is there a gambling losses tax deduction I can claim on my tax return? On what form would I deduct my gambling losses?
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.
If you need help handling an estate, we're here to help. Learn how to file taxes for a deceased loved one with H&R Block.
Choosing the wrong filing status is a common mistake. Do you know what your tax filing status is? Read on to learn about filing statuses with H&R Block.
From retirement account contributions to self-employment expenses, learn more about the five most common tax deductions with the experts at H&R Block.
Getting married? Having a baby? Buying a house? Go through your life events checklist and see how each can affect your tax return with the experts at H&R Block.