Solved
I have gambling winning with w-2g forms sent to me can I offset this winning with my losses on turbotax ?
No text available
Gambling losses do not directly offset gambling winnings. This is a matter of tax law. It makes no difference what software you use. Gambling losses can only be claimed as an itemized deduction. To get any tax benefit from the deduction, your total itemized deductions have to be more than your standard deduction. Also, you can only deduct losses up to the amount of your winnings. TurboTax will allow you to deduct gambling losses, within the limitations of the tax law.
See the following for more information about deducting gambling losses.
https://ttlc.intuit.com/questions/1900352-can-i-deduct-my-gambling-losses
Get answers to all your tax questions
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
