Gambling Losses Deductible
April 2nd, 2008Question: Are gambling debts ever deductible?
I know you can deduct various investment losses, but was wondering if it was possible with proff in the case of gambling
Answer: Gambling losses can only be deducted up to the amount of any gambling winnings. To claim the deduction you would have to Itemize your deductions on the Schedule A. The schedule A is for deduction home mortgage interest etc. You want to compare the Itemized Deductions to the standard deduction to see which would allow you to deduct the most.
For more information call the IRS at 1-800-829-1040
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