$17.95 
Learn more
Submitted By: someone
Answered: April 6, 2021 11:36 pm
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.
advertisement
Featured Books
Tax Glossary
Qualified plan
A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.
