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

Separate return

Return filed by a married person who does not file a joint return. Filing separately may save taxes where each spouse has separate deductions, but certain tax benefits require a joint return.

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