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Eburts9551
February 7, 2020
Question

Gambling losses

  • February 7, 2020
  • 1 reply
  • 0 views

If I already filed my taxes this yr but forgot to do my gambling losses can i go back and do it? 

1 reply

DoninGA
DoninGA
Employee
February 7, 2020

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8 as Other Income. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

 

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