Gambling Poker
taxes gambling poker please read on?
Hi can i write off losses from gambling lets say at horse raceing lottery tickets or poker on my taxes. Even if I have no winnings.
Thanks...
No, you can only write off losses to offset winnings. You can't claim more losses than winnings. If you have winnings they are counted as Other Income or you may receive a W-2G. Losses are listed as an itemized deduction and if you don't have enough deductions to beat the standard then they cant be claimed at all.
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