Joint tax return gambling losses

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Tax advisers need to recognize the tax involved in determining the amount of gambling losses available to offset winnings. As most taxpayers do not keep sophisticated books and records of their gambling activity, the tax preparer is in a potentially perilous position when advising a client on documentation return for establishing gambling losses.

Just losses from the individual with the winnings if you itemize. Get the help you need with TurboTax Support. Find TurboTax FAQs, ask a question in our community, chat with agent, or give us a call. Can You Claim Gambling Losses on Your Taxes? - TurboTax Introduction. 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. If you claim the standard deduction… How to Claim Gaming Wins and Losses on a Tax Return

Non-Resident Income Tax Return

Gambling - New tax law not freindly to gamblers

Reporting gambling losses. To report your gambling losses, you must itemize your income tax deductions on Schedule A.You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status.

How to Deduct Gambling Losses on a Federal Income Tax Items you will need. This amount will be added to your other itemized deductions and the total reported on line 29 of Schedule A. Transfer the value of all of your itemized deductions, including your gambling losses, from Schedule A to line 40 of your Form 1040 tax return. This amount will be used to reduce your total taxable income.