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.
Discover what items qualify as other itemized deductions with help from the tax experts at H&R Block.
How long does a person have to live with you before you can claim that person as a dependent? Get Tax Answers from H&R Block.
How do you claim a per diem tax deduction? Learn more from the tax experts at H&R Block.
Can you claim your children for the Earned Income Tax Credit but not as dependents, so your ex-spouse can claim them as dependents? Get Tax Answers from H&R Block.