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View Full Version : Where do you enter your itemized deductions for gambling losses?


Courtesy Flush
04-14-2007, 04:38 PM
I'm trying to file with turbotax and it only seems to want a lump sum for my gambling losses. Why does everyone around here say you have to itemize your deductions seperately? If that's actually the case, where do I go to enter each deduction? What am I missing?

Thanks!

bonds
04-14-2007, 05:32 PM
Itemizing deductions means you file Schedule A, which has several categories of deductions - gambling losses, real estate taxes, mortgage interest, etc. You list (itemize) how much you have of each relevant category.

You don't need to "itemize" WITHIN each category -- the IRS only wants your total amount of gambling losses, not the details.

Lottery Larry
04-14-2007, 10:23 PM
[ QUOTE ]
You don't need to "itemize" WITHIN each category -- the IRS only wants your total amount of gambling losses, not the details.

[/ QUOTE ]

... though you should have the records to back up the summed number, in case you have a random audit to deal with.

Poker CPA
04-14-2007, 10:41 PM
Flush

Don't just blindly follow the instructions. What the IRS wants and what they get are two different things. Sometimes you give them more. Do what you think makes sense, sometimes more wiil prevent that remdom audit. Turn that 5 page return into 100 pages if you want. Its your return, not theirs. Storage is not your problem, they plenty of money for filing cabinets.