Can You Claim Gambling Losses on Your Taxes? In this episode of Ask The Hammer, Jeffrey Levine of Buckingham Wealth Partners answers the question: Can You Claim Gambling Losses on Your Taxes? “The Buckinghammer” explains whether taxpayers can claim gambling losses on their taxes.
According to the IRS, You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can’t be more than the amount of gambling income you reported on your return. Here is a link to the IRS website with more details: IRS. Watch this episode of Ask The Hammer to learn if you can claim gambling losses on your taxes and be sure to watch more Ask The Hammer episodes at this link: https://www.finstream.tv/videos/ask-the-hammer/