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April 3, 2024
Question

Why does my taxable income go up if my gambling winnings and losses are the same

  • April 3, 2024
  • 1 reply
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1 reply

DoninGA
Employee
April 3, 2024

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.