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

Gift tax

Gifts in excess of an $12,000-per-donee annual exclusion are subject to gift tax, but the tax may be offset by a gift tax credit.

More terms