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How do I get my gambling loss back?

To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status.

turbotax.intuit.com - Can You Claim Gambling Losses on Your Taxes? - TurboTax - Intuit
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OVERVIEW

Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return.

Claiming gambling losses

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

Keeping track of your winnings and losses

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Your winnings include each win during the year. You typically cannot offset your winnings from one day with your losses from another day in order to report your net winnings or losses. Your winnings and losses typically need to be separated and reported individually. The IRS does allow you to net your wins and losses on the same day for the same type of wagering if you meet certain requirements. This means that if you win at the slots one day and lose the next day, you have to report the winnings on your tax return as income and then deduct the losses separately as an itemized deduction.

Typical sources of winnings and losses can include:

lotteries

raffles

horse and dog races

casino games

poker games

sports betting

Your records need to include:

the date and type of gambling you engage in

the name and address of the places where you gamble

the people you gambled with

the amount you win and lose

Other documentation to prove your losses can include:

Form W-2G

Form 5754

wagering tickets

canceled checks or credit records

receipts from the gambling facility

Limitations on loss deductions The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years. Reporting gambling losses To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. If you claim the standard deduction, you: are still obligated to report and pay tax on all winnings you earn during the year

will not be able to deduct any of your losses

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What are four reasons why people gamble?

Some common reasons people gamble are: To Win Money. There is an opportunity to come out ""ahead of the game"". ... For Recreation. ... To Support Charity. ... To Escape Problems. ... Mood Alteration.

problemgamblingalberta.ca - Why People Gamble

Some common reasons people gamble are:

To Win Money

There is an opportunity to come out "ahead of the game". The gambler sees the possibility of entertainment at no cost and with the potential profit. The dream of the "big win" is a motivation. Financial difficulties can encourgage people to gamble in the hope of winning money.

For Recreation

The shared experience with other gamblers, the language specific to the game of choice, and the sense of belonging to a distinct group of individuals are all factors that contribute to the social aspect of gambling.

To Support Charity

For some gamblers, the opportunity to be entertained while supporting a worthy cause is an incentive to participate.

To Escape Problems

Gambling may be an escape from problems, depression or negative feelings. Some people gamble out of boredom and loneliness.

Mood Alteration

Gambling in its benign form provides stimulation and excitement. The action and excitement of gambling can be used as a form of escapism. Gamblers may experience a "high" while playing, similar to the high brought about by drugs or alcohol. This emotional experience, combined with "feeling lucky" or the belief that it is "their turn" to win, can create in some individuals a desire and a need to gamble.

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