Form 1040 Gambling Winnings and Losses

A taxpayer must report their gross amount of gambling winnings on Form 1040 each year. If you have gambling losses, you can record those gambling losses as an itemized tax deduction (Schedule A) to the extent you have gambling winnings.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.