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If you lose money gambling, you might be able to deduct it on your tax returns. However, before you can claim the deduction, you'll have to meet two important requirements. First, the IRS will want you to itemize all of your deductions. Second, you can only deduct gambling losses to the extent that you have gambling winnings.
Claiming the Gambling Deduction
The way that you claim the gambling deduction is relatively simple. First, you have to file Schedule A and itemize your tax deductions. This means that you can't claim the standard deduction, but you can write off expenses like your state income tax, mortgage interest, property taxes, car registration tax and charitable donations. If you have gambling losses, you write them off as 'other miscellaneous deductions' on line 28 of Schedule A, where they get combined with your other itemized deductions to reduce your taxable income.
Deduction Rules
The IRS will only let you deduct losses to the extent that you win. For instance, if you lose $3,000 on one trip to the casino and win $2,100 on another trip in the same year, you can write off $2,100 in losses to offset the $2,100 in winnings, leaving you with a total of $900 of taxable gambling income. If you lost $1,000 on one trip and won $9,500 on another, though, you could claim the entire $1,000 in losses to reduce your net income from gambling to $8,500.
- How to Claim Gaming Wins and Losses on a Tax Return. By: Mark Kennan. You must use Form 1040 to report your gambling winnings and losses. Tax forms image by Chad McDermott from Fotolia.com.
- Gambling addiction, report gambling losses on 1040 also known as compulsive gambling, may be a type of impulse-control disorder.Stealing report gambling losses on 1040 a card machine Ok, this is a little extra, even by our standards, but we give it 10 out of 10 for effort.
Report your losses on Itemized Deductions, Schedule A (IRS Form 1040). California return. This income will be included in your federal adjusted gross income, which you report on your California return. Gambling losses are deducted from the winnings as an itemized deduction.
Proving Your Gambling
If you claim a gambling loss deduction, you will have to prove that you are entitled to it. Casinos send a form W-2G when you win to let the IRS know that they paid you, but it's up to you to establish your losses. The IRS requires you to keep tickets or receipts and a diary of your winnings and losses to substantiate your deduction. If you can get a printout from the casino of your gambling activity, such as if you use a player's club card, it may be helpful.
Internet betting sites that host free slot games usually also host instant-play versions of other casino games, so if you get a little bored with pulling the slots lever and watching the reels turn, you can try your hand at these free casino games for fun: blackjack, video slots, video poker, regular poker, scratch cards, or craps. Free online slots with bonus rounds no downloads games. The ability to get in a few rounds of free slots for fun on your laptop without even downloading a file makes this type of gaming very convenient.Playing online slot machines are fun, too; a slots gambler may be interested in finding free slots for fun just to pass the time. However, you can’t play progressive jackpots (which are sort of similar to sweepstakes and sweepstakes rules, with the exception of being able to play slots machines for free), such as Mega Moolah, for free. Those casino games are to play for real money.
Professional Gambling
The rules for professional gamblers are different. A professional gambler makes a business out of gambling. He can write off his gambling losses and any expenses that he incurs for gambling -- like travel -- to offset gambling income. Since gambling is a business, he would file a Schedule C to report his income and expenses and would also have to pay self-employment taxes on his profits.
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About the Author
Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology. His work has appeared in trade publications such as the 'Minnesota Real Estate Journal' and 'Minnesota Multi-Housing Association Advocate.' Lander holds a Bachelor of Arts in political science from Columbia University. Gw2 ascended armor infusion slot.
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Where Do You Report Gambling Losses On 1040
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