Question

Can I get a tax break from money gambled and money won on Online Lottery bets if it’s as high as 13k and I only won 1800 back from it

Forum|Forum|6 years ago
February 15, 2020
1 reply
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Money was spend on Pennsylvania Lottery Online App all legally gambled and lost from Jan 1 2019 up to December 31 2019 that’s not including money spend on scratch offs and won

TurboTax Deluxe Online

D

DianeC958

Possibly, you can only take gambling losses up to the amount of gambling winnings and you would need to Itemze Deductions instead of taking the Standard Deduction.

Itemized Deductions include mortgage interest, property taxes, medical expenses that exceed 7.5% of your income, state income tax paid and charitable contributions. If all of these expenses do not exceed the Standard Deduction amount, $12,200 for Single, $18,350 for Head of Household, $24,400 for Married Filing Joint, then you are better off to take the Standard Deduction.

Link to Itemized Deduction vs Standard Deduction

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