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.

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Tax Glossary

Amended return

On Form 1040X, you may file an amended return within a three-year period to claim a refund or correct a mistake made on an original or previously amended return.

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