Discussion:Gambling losses
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Discussion Forum Index --> Tax Questions --> Gambling losses
| 11 December 2005 | |
| WHat is allowable by law to deduct from gambling winnings? | |
| 12 December 2005 | |
| See the page Gambling Income and Expenses. You can deduct gambling losses, to the extent of gambling winnings only, as a miscellaneous itemized deduction. But should have kept a record of your winnings and losses, such as "receipts, tickets, statements or other records that show the amount of both your winnings and losses". Also, you can only deduct the amount that is more than 2% of your Adjusted Gross Income (line 37 on your 1040). | |
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