Can't I deduct my gambling losses?
You can only deduct gambling losses to the extent of gambling winnings. And it doesn't matter what type of gaming caused the income or loss. For example, you won $1,000 playing the lottery, lost $300 at the track and another $900 in Vegas, you can deduct $1,000 of the $1,200 you lost since you are reporting the $1,000 won in the lottery.
Gambling losses are a miscellaneous itemized deduction, so you only get to deduct them if you itemize your deductions. Naturally, you always get to report the winnings!!!
As always, please call (949) 683-8111 or email us at info@southcountycpa.com if you have any questions. We are here to help.
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