How to accept gambling losses

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Topic Number 419 - Gambling Income and Losses The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your ...

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Gambling Loss

Deducting Gambling Losses with the New Tax Bill All gambling wins are reportable income. Deduct losses without itemizing using gambling sessions.

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All gambling winnings are taxable income. Find out what is considered gambling income and how much tax you have to pay on your gambling winnings. Deduct losses.

How to Deduct Gambling Losses on Your Taxes. You are able to itemize your deductions and you have gambling losses of $3,258 and winnings of $2,947. The 2 percent threshold for you will be $1,200. Because your winnings are less than your losses, only $2,947 of your losses can count toward the threshold. But then you must subtract $1,200 from $2,947 to arrive at $1,747 of deductible losses.

That means you can never show a net loss for gambling. For example, if you lose $1000 playing slots, and the next day win $400, and that's the only gambling you do for the year, you can deduct only $400 of your slot loss. You'll report a $400 win and a $400 loss. You can't carry over losses from one year to the next.