Gambling losses tax deductible example
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TurboTax Deluxe is our most tsx product among TurboTax Online users with more complex tax situations. So, it doesn't matter if you lost at the track, the craps table, or the roulette wheel. Quicken import not available for TurboTax Business. Looking for more information? Terms and conditions may vary and are subject to change without notice.To prove gambling losses and taxable income, taxpayers are subject to is not always the right to a deduction for gambling losses—allowed by Sec. . The IRS and the courts, for example, view the documentation required. You can also deduct your gambling losses but only up to the extent of your winnings. Any other gambling winnings subject to federal income tax withholding. The biggest single thing to know is that you can only deduct gambling losses for the year to the extent of your gambling winnings for the year.