Submitted By: someone
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.

advertisement
Tax Glossary

Nonperiodic distributions

A 20% withholding rule applies to nonperiodic distributions, such as lump-sum distributions, paid directly to employees from an employer plan.

More terms