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.
Related Resources
Will depreciation affect an itemized deduction? Learn more from the tax experts at H&R Block.
Are you eligible for self-employment tax deductions? Learn how to deduct health insurance and other expenses, and get tax answers at H&R Block.
Do you need to file taxes? Find out if the IRS requires you to file a tax return with the experts at H&R Block.
Learn whether to file a joint or a separate return the year you were married with advice from the tax experts at H&R Block.