What amount of gambling losses are deductible?

Gambling Losses
The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."

380.1K

638.3K views
2023-08-26 14:50:27

Show all Q/A Info

What is the biggest gambling loss ever?
1. TERRANCE WATANABE: $127 MILLION. Terrance Watanabe was the son of a successful businessman, inheriting the Oriental Trading Company when his father died in 1977. However, he was more interested in gambling than business, and sold the company in 2000 to turn his attention to Baccarat
Baccarat
Baccarat or baccara (/ˈbækəræt, bɑːkəˈrɑː/; French: [bakaʁa]) is a card game played at casinos. It is a comparing card game played between two hands, the "player" and the "banker". Each baccarat coup (round of play) has three possible outcomes: "player" (player has the higher score), "banker", and "tie".
https://en.wikipedia.org › wiki › Baccarat
Baccarat - Wikipedia
and Blackjack.
2024-01-18 20:22:56

What is a healthy amount to gamble?
Don't bet more than 1% of your household income before tax per month. For example, someone with a household income of $70,000 before tax should gamble no more than $58 per month. This table shows how much you can gamble each month to follow this guideline.
2023-12-20 22:07:38

Can you write off gambling losses in florida?
Reporting Losses – A taxpayer may deduct gambling losses suffered in the tax year as a miscellaneous itemized deduction but only to the extent of that year's gambling gains.
2023-08-18 23:34:35

Does florida allow gambling losses?
So, winnings and losses are treated the same as for any other gambling activity, and the amounts paid to buy raffle or lottery tickets or to play bingo or other games of chance are not deductible as a charitable contribution.
2023-02-02 15:11:05

Recommended Next Q/A:
What is the longest pokémon in a gym?