I read in an article that you might be able to claim your gambling losses on your taxes. I play alot of online gambling and have proof on my statements regarding wins and losses so I’m wondering if it’s actually true.
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Assuming you are also claiming all of your winnings as income, you can claim gambling loses only to offset your winnings. Any loses which exceed the total winnings can not be claimed.
Gambling losses are an itemized deduction.
So there are a lot ifs. You MUST report all winnings on 1040 line 21. You then put documented losses on schedule A, limited to the amount of winnings, and if your schedule A is more than your standard deduction you may see a benefit.
you can claim gambling losses only to the extent of your winnings
if you won $10000 but your losses were $15000 you can only report $10000