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:
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- 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.
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