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Tax deductions gambling losses

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Hence, a taxpayer who has many winnings and losses may, deducitons, have a high AGI but a low income. Gambling winnings are reported on Line 21 of Form Turn your charitable donations into big deductions.

Uncle Sam helps you limit any tax bill on gambling payouts by allowing you to offset your winnings with your gambling losses. In gambling, there are winners and losers So, it doesn't matter if you lost at the track, the craps table, or the roulette wheel. Products for previous tax years. All gambling winnings are taxable income—that is, income that is subject to both federal and state income taxes except for the seven states that have no income taxes. Woman loses Gambling Winnings to IRS. This is where most gamblers slip up—they fail to keep adequate records or any records at all.

Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. You can deduct gambling losses but only up to gambling winnings. If you just have a loss, you can not deduct it. Also, this deduction is itemized deduction. You will take deduction only if your itemized deductions are more than your standard deduction. If tax is withheld from your gambling winnings, you will be sent a Form W2-G from the payer. Can I Deduct My Gambling Losses? Gambling losses are deducted on Schedule A as a miscellaneous deduction and are not subject to a 2% limit.

Posted on: 16.07.2012Довыденко Михаил Николаевич

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