gambling losses where to file for non itemizer

  1. profile image45
    needcreditsposted 8 years ago

    gambling losses where to file for non itemizer

    gambling losses to off set winnings is there a schedule form for this

  2. Jeffrey Neal profile image85
    Jeffrey Nealposted 8 years ago

    I believe you have to itemize to take this credit.

  3. J. McCoy profile image61
    J. McCoyposted 8 years ago

    You must itemize to deduct gambling losses on a Schedule A under the category "misc. expenses." Please refer to: http://www.irs.gov/taxtopics/tc419.html for more info. I would strongly suggest that you have and keep any receipts and/or have a detailed log book of all the expenses you claim. If your winnings were substantial, I recommend having your taxes prepared by a licensed professional. If your state doesn't require tax preparers to be licensed, a CPA or Enrolled Agent (EA) may save you a lot of time and stress. They will know what counts as an expense and what will get you in trouble. Congratulations on your winnings!

 
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