Are gambling losses deductible

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Are gambling losses tax deductible?

In the united states:

Yes, you may deduct your losses but only on your gambling earnings.

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 number of losses you deduct can’t be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the number of winnings, as “Other Itemized Deductions.”

Nonresident Aliens

If you’re a nonresident alien of the United States for income tax purposes and you have to file a tax return for U.S. source gambling winnings, you must use Form 1040-NR, U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties for more information. Generally, nonresident aliens of the United States who aren’t residents of Canada can’t deduct gambling losses.

For additional information on withholding on gambling winnings, refer to Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

The amount of gambling losses that you can deduct must not exceed the winnings you report as income. For example, if you had a $ 5,000 win, $ 8,000 loss, your withdrawal was limited to $ 5,000. You cannot remove or pass the remaining $ 3,000.
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