Submitted By: someone
Answered: April 7, 2017 8:42 am

Why can’t I take my gambling losses on Form 1040 when I claim the standard deduction?

Gambling losses (referred to as wagering losses) are deductible only to the extent of gambling winnings. However, the deduction for these losses is not one of the enumerated deductions that can be claimed directly from gross income; they can only be deducted from adjusted gross income, meaning you must itemize to deduct them.

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Tax Glossary

Assessment

The IRS action of fixing tax liability that sets in motion collection procedures, such as charging interest, imposing penalties, and, if necessary, seizing property.

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