Deductions and Write-Offs
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Answer Tax QuestionsHow do I deduct and substantiate my gambling losses ?
Asked Friday, August 18, 2000 by an anonymous user
You can only deduct your gambling losses if you itemize your deductions. You would claim gambling losses as a miscellaneous deduction on Form 1040, Schedule A not subject to the 2% limitation. The amount of losses you can deduct cannot be greater than the gambling income reported on your income tax return. It is important to keep an accurate diary or a similar record of your gambling winnings and losses. To deduct your losses, you must be able to supply receipts, tickets or other statements that show the amounts of your winnings and your losses.
