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Gambling Winning & Losses

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    #1

    Gambling Winning & Losses

    Am I right by saying that if you do not use schedule A, but use standard deduction
    you end up reporting the winning as income but do not get to use the loss.
    Winnings $1262. Losses $3417. That should stop anyone from gambling!!!! Arlo
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    #2
    You are correct.
    Gambling income is reported on page 1 of the 1040, but losses can only be claimed on Schedule A, and cannot be greater than the winnings. Non-itemizers get to pay tax on the total winnings without any reduction.
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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