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Submitted By: someone
Answered: April 6, 2021 11:36 pm
Answered: April 6, 2021 11:36 pm
If I take the standard deduction, can I deduct gambling losses?
No. Gambling winnings must be reported as income, but gambling losses are deductible only as an itemized deduction. There is no dollar limit on the write off but it’s limited to the extent of the gambling winnings.
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Tax Glossary
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
