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.

Tax Glossary

Intangible assets

Intangible assets that come within Section 197, such as goodwill, are amortizable over a 15-year period.

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