Question by Jason: How do I deduct gambling losses on my tax return?
I understand that I am required to report gambling winnings and that I am allowed to deduct gambling losses. But I do I determine gambling losses? Specifically, if over the course of a year I fund an online poker account with ,000, cash out winnings for ,000, and have ,000 remaining in my account, can I deduct ,000 in losses or am I limited to ,000 in losses?
Best answer:
Answer by kearneyconsulting
Suggest that you go to irs.gov to research the answer to your question.
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