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b78772
March 26, 2024
Question

Colorado gambling losses

  • March 26, 2024
  • 1 reply
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    1 reply

    KrisD15
    KrisD15
    March 26, 2024

    Losses from gambling may only be claimed up to the amount of gambling winnings for the same tax year. 

     

    Losses are reported on Schedule A as an Itemized Deduction on the Federal return. If you use the Standard Deduction, the loss will not be counted.

     

    The Colorado State return starts with the same income as calculated on the Federal rerun. There is no additional adjustment for claiming the loss on the State return. 

     

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