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:
You cannot deduct gambling losses for an amount greater than your gambling income.
What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.
What is a closing disclosure? When you buy a house, you will receive a closing disclosure that can benefit you at tax time. Learn more at H&R Block.
An ITIN is issued by the IRS to help people file taxes without a Social Security number. Learn how to get an ITIN number, who qualifies, and where to apply.
What happens to your taxes after marriage? Learn how marriage can lead to changes in tax filing and returns at H&R Block.