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yolandamln57
February 1, 2025
Question

Why my winning still showing as income i declared it as loss. My refund decrease due to this.?

  • February 1, 2025
  • 1 reply
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    1 reply

    DoninGA
    DoninGA
    Employee
    February 1, 2025

    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 8b. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8.
    Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. 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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