WebStarting in 2024 if you elected to itemize deductions on your federal return (you did not take the standard deduction) and deducted wagering losses from casual gambling, you may be eligible to deduct wagering losses. You must include the U.S. Form 1040 Schedule 1 and U.S. Form 1040 Schedule A.

Itemized Deductions: What It Means and How to Claim

WebDec 13, 2024 · For federal purposes, the rules for deducting gambling losses have changed. For New York income tax purposes, gambling loss deductions are limited to the amount of gambling income reported on your return. Other miscellaneous deductions are claimed on Form IT-196, lines 29 through 37. 2024 IRS Publication 547, Casualties, … WebFeb 22, 2012 · For his 2001 tax year, Ronald Mayo, a professional gambler, had $120,463 in gambling winnings, $131,760 in gambling losses, and $10,968 in business expenses. The IRS had disallowed his reported Schedule C loss of $22,265. Although Mr. Mayo could not deduct the $11,297 portion of the loss attributable to his wagering activity, the court … guerin julien

Taxation of Gambling: Professional Gambler Business Expenses

WebDec 4, 2024 · You can deduct gambling losses only up to the extent of gambling winnings, and the losses can't exceed the winnings. For example, if you wagered $5,000 and won $2,000, you can only deduct $2,000 in losses. Withholding Winnings. A payer may also send you a Form W-2G if it withholds part of your winnings for federal income tax … WebMiscellaneous itemized deductions are those deductions that would have been subject to the 2%-of-adjusted-gross-income (AGI) limitation. You can still claim certain expenses as … WebFeb 19, 2024 · Gambling Losses – The good news is that you can deduct gambling losses if you itemize your deductions but only to the extent of your gambling income. In other words, you can’t have a net gambling loss on your tax return. ... GAMBLING GOTCHA #6 – Regardless of whether you were a winner or loser, if your online account was over … guerin joaillerie velizy 2