Questions & Answers

Can I deduct my gambling losses?

If you itemize your deductions, you can deduct your gambling losses to the extent of your gambling income.

For example, if you report $5,000 in gambling income on your W-2G, you can deduct up to $5,000 of your gambling losses. If you use the Standard Deduction instead of Itemized Deductions, gambling losses cannot be deducted.

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