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What if I lost more than I won in gambling?
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If you are not a professional gambler, your winnings are taxable and reported on schedule 1 line 8. losses are limited to the income and are reported on schedule A as an itemized deduction. losses in excess of winnings can not be carried over to next year.
a professional gambler reports winnings, losses and expenses on schedule C. losses and expenses can't exceed winnings.
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