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June 4, 2019
Solved

Why when i put gambling winnings and same for losses does it reduces my return?

  • June 4, 2019
  • 2 replies
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I put in my gambling winnings and same for losses and it reduces my return?

Best answer by Critter
The winnings are income  and the losses must be taken on the Sch A as itemized deductions BUT that will only be helpful if you can itemize deductions.  Until the Itemized deductions exceeds the standard deduction you will see no benefit on the return.

2 replies

Employee
June 4, 2019
Do you collect Social Security?
Critter
CritterAnswer
Employee
June 4, 2019
The winnings are income  and the losses must be taken on the Sch A as itemized deductions BUT that will only be helpful if you can itemize deductions.  Until the Itemized deductions exceeds the standard deduction you will see no benefit on the return.