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

My spouse and I are married, filing separately. Itemized deductions on this type of tax return seems complicated. How s

Learn more about itemizing deductions when married and filing separately with advice from the tax experts at H&R Block.

I have a tax question about deducting mileage for medical care. Can I deduct mileage for medical appointments and dental

Learn whether you can deduct mileage for medical care from your taxes with advice from the tax experts at H&R Block.

I have a question about a pre-kindergarten or preschool tax deduction. Is private preschool tuition tax deductible?

Is private preschool tuition tax deductible? Learn more from the tax experts at H&R Block.

Is deducting medical expenses paid with an HSA allowed?

Learn more about HSA tax deductions, including deducting medical expenses paid from an HSA account, with advice from the tax experts at H&R Block.