If you need help with the disclosures of your gambling history to the IRS or if you have any other questions about taxes, set up a free initial consultation with a tax professional today and get all of your questions answered. You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and have kept a record of your winnings and losses. Taxpayers may feel nervous to learn that they are required to report their gambling winnings as additional taxable income and feel unsure about how to deduct their gambling losses from that income, but with tax advice from the experts at a tax relief company like Ideal Tax, they can feel confident in their compliance with the tax law and their strategy to save as much money on taxes as possible. You can’t use gambling losses to reduce your other taxable income. The information reported by a casino on Tax Form W-2G or 1099-MISC Your deductions for gambling losses can’t exceed the gambling income you claimed.
For taxpayers to be able to claim their gambling winnings or losses, they first must gather all of the information they will need to file the appropriate tax forms with the IRS.
