Many people often wonder if they can deduct their gambling losses on their tax returns. The answer is that gambling losses can be deducted only to the extent of your winnings. So basically if you win $1,000 on a scratch ticket you can deduct up to $1,000 maximum in gambling losses. You can only deduct gambling losses if you itemize your deductions on Schedule A. Also make sure to keep your receipts throughout the year for proof of losses.
Please consult your tax advisor on all the above information to see if you qualify for this deduction and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.
