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Money Hack I Bet You Didn’t Know, Part 6 🤑 Write Off Gambling Losses

30 May 2024 · 1 min

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In this short video, the speaker reveals a little‑known tax strategy: gambling losses can be deducted on a federal tax return, but only under specific conditions. The IRS permits a deduction for gambling losses if the taxpayer itemizes deductions on Schedule A of Form 1040 and maintains detailed records of both winnings and losses. The deduction cannot exceed the amount of gambling income reported; for instance, a person who won $1.7 million can deduct at most $1.7 million in losses. The speaker also provides a public‑service reminder, directing viewers with gambling‑related problems to call 1‑800‑GAMBLER for assistance and resources.

Chapters

One money hack I bet you didn't know, part 6. Did you know that you can write off gambling losses? This information came directly from irs.gov. It says 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. Here's the caveat: the deduction cannot be more than your gambling income. For example, this person A person who's one degree separation from me, who just recently won $1.7 million, cannot write off more than $1.7 million. Listen, if you or your family has a gambling-related issue, please contact 1-800-GAMBLER for help and resources.