gambling losses. For federal income tax purposes, an individual who is not a professional gambler reports gambling winnings as gross income and reports gambling losses as “other miscellaneous itemized deductions”. Pursuant to section 165(d) of the IRC, the deduction for gambling losses is limited to the amount of gambling winnings. What percentage of my gambling losses would I ... - Yahoo Answers The only way to get any deduction for the losses is if you itemize, and even then you need a log of ALL of your gambling activity for the year, showing all gains and losses and additional required info. If you didn't keep a log, you have no deduction. Lotto tickets are not proof of loss and the IRS doesn't accept them. STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES You asked (1) if the legislature has considered proposals to allow taxpayers to deduct gambling losses from gambling winnings when determining Connecticut income tax liability, (2) whether other states with casinos allow deductions for gambling losses for purposes of their state income taxes, and (3) what the revenue loss would be if Connecticut allowed such a deduction.
Employee tax income deductions can increase your tax refund or lower your taxes. Special employee deductions you might qualify for through your work or job.
Can I deduct my gambling losses? - TurboTax® Support You won't be able to deduct gambling losses if you lost more money than you won (excess losses), or if you're taking the standard deduction. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000. Gambling Losses Are Tax Deductible - Bankrate.com Apr 04, 2012 · After all, you can deduct your bad bets. It is true that Uncle Sam helps you limit any tax bill on gambling payouts by allowing you to offset your winnings with your gambling losses. Question about Gambling losses/wins and Standard Deduction!