Gambling comes in many forms. However, casino gambling is the most popular type of gambling. There is alwa… More
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Gambling comes in many forms. However, casino gambling is the most popular type of gambling. There is alwa… More
Casino gambling can be very fun and exhilarating, but casino gambling could also be a financial nightmare.… More
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In order to claim gambling losses as deductions on a tax return, records must be kept of all winnings and … More
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Summary: In order to claim gambling losses as deductions on a tax return, records must be kept of all winnings and losses during the whole year. Understand all the important details of what can and can not be claimed as deductions in relation to gambling losses on a tax return with tips from an experienced tax professional in this free video on tax deductions.
Kristen Brand has over eight years of accounting experience. She is a CPA in Florida and is a practitioner in Florida's Certified Audit Program for sales and use tax. This designation...read more
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"Have you ever lost your mind in Las Vegas, and gambled away a little bit too much? Last time I was there, my partner actually got cut off by his bank. So hopefully that won't happen to you, but you can actually deduct your gambling losses, so that's a little bit of good news. I'm Kristin Brand and I want to talk to you about how you can deduct your gambling losses. Now the hardest part about this is you've actually got to keep records of your winnings and your losings. You can only deduct your losses to the extent of what you win. So you've got to at least have some income to offset. You can't just take that loss against all of your other things. There's actually a spot, on your tax form, which is on Schedule A on the form 1040. Your gambling losses will go down here at the bottom under "Other Miscellaneous Deductions". So that's where they would go, now the key is to actually not lose so much money, so you should quit while you're ahead. I'm Kristin Brand and that is how you deduct a gambling loss."
eHow Article: How to Use Gambling Losses as a Tax Deduction
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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