• Where Do You Report Gambling Losses On Tax Return Refund
• Where Do You Report Gambling Losses On Tax Return 2019

If you’re like most people, you dread tax season each year. There’s nothing like the anxiety of wondering if you’re going to owe the IRS. Add to that the stress of figuring out what informationyou’ll need to include and whether it’s coming by mail or electronic delivery, then scheduling time to meet with your tax advisor. Not to mention the added fear of wondering if you’re going tomiss something that will result in penalties and interest, or, even worse, an audit.

Where Do You Report Gambling Losses On Tax Return Refund

All of this can combine to create a real headache. Read on to learn some of the basics regarding your gambling winnings and losses and how they affect your individual income tax return. Evenpossessing some general knowledge on the issue can go a long way to reduce stress. Keep in mind that this material is provided for general awareness. For tax planning and advice and more detailedinformation, check out the links provided throughout this post.

To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. If you claim the standard deduction, You are still obligated to report and pay tax on all winnings you earn during the year. You can deduct your gambling losses on Schedule A, Itemized Deductions. The amount you can deduct is limited to the amount of the gambling income you report on your return.

It’s also important to note that the information provided here is for casual gamblers only. Professional gamblers will file Schedule C to report winnings and losses from gambling, and that isoutside the scope of this discussion. Most gamblers will have a hard time classifying themselves as professionals, and there may be some reasons why it would not be considered advantageous to doso.

Where Do You Report Gambling Losses On Tax Return 2019

Without any further delay, let’s take a look at 7 things you should know about gambling and your US individual income tax return.