tax gambling question

Is there a way to override the itemization to count my gambling loss.....I do not itemize my taxes, but I hit and now have no way to show my losses....I have just eaten the tax, the last couple of years, but I hit a little more this time and am tired of eating taxes on "winnings" when we all know that isn't true, lol.

I know that I always put in my deductions and then it says you don't qualify and just take the standard deduction, can I keep it itemized for the purpose of keeping my losses in there.

Thanks...it also doesn't help that it is all computerized now and doesn't always show the math or forms.

DonDiego regrets to inform daiseybasket that things couldn't be worse:

"You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return."

Ref: IRS - Gambling Income and Losses

n.b. DonDiego is not legally certified to provide tax assistance to anyone; DonDiego is pretty much not certified to do much of anything; some folks recommend as a general rule staying away from poor old DonDiego as best one can, not that he bites or anything - just that he's useless.

I know enough to be dangerous and DonDiego has it right.

I use the PC version of TurboTax and it lets you add all the information concerning deductions and then advises whether it is better to itemize of use the standard deduction. So, if you enter your gambling losses and then decide to take the standard deduction, the information is still there for reference - even if not used. Itemizing makes sense if you pay high property taxes (gotta love Illinois), have mortgage interest, or have high medical bills as a % of your income. As DonDiego stated, you can only deduct gambling losses up to the amount of gambling wins and only if you itemize. Don't forget to add any lottery tickets!

You have a choice on taking the standard deduction. It really depends on how much extra tax you would pay on your winnings by taking the SD.
I am usually just under the SD, but with the savings of itemizing on the W-2s, I am way ahead by itemizing (which than includes the amount of the W-2s).

THAT situation is another excellent use for a high quality fictitious alias ID.

The first being to flee the area/country when the cops/feds are chasing you after some heinous crime spree.

Or you could also look into becoming a "professional gambler" and the tax situation for that occupation.

You could also flaunt the law, and just take - adjust your income to a more likeable figure, and if they come back at you, plead stupid. Filing a paper return, using a crayon to fill it in, may /should help you. I like the crayon paper filing routine.

Personally, I suggest - recommend using a real CPA, who understands gambling, to fill and file returns. They should be able to retain the maximum for you when properly motivated.

Virtually all of us are recreational gamblers. Recreational gambling losses are only deductible up to the amount gambling wins and must be taken on Schedule A where you itemize your deductions. You will always take the greater of the standard deduction or your itemized deductions on your tax return. To take the lower of the two would mean paying more taxes.

Professional gamblers report above the line and must file Schedule C. Once again, professional gamblers are only allowed to deduct losses up to their amount of winnings. However if you are a professional gambler, you can deduct travel and lodging expenses as long as they are reasonable.

lol, thanks for the concern...the point of my question is was it "optional" to itemize or not itemize...I do my own taxes for 20 years, they charged me over 500 dollars to do them a few years back when I did have one complicated issue...I have never had an issue and the last two years I have eaten smaller w2s, but didn't want to continue losing money. But I am also just at the itemization or not mark...

I know that there is a "professional gambler", but what makes that useful or different...other than the travel receipts. You still cannot claim losses unless offset.

thanks for chiming in, I have a while to continue to look at my options, just wanted feedback on if I was unaware of anything.

There is no mandate that you have to use one or the other. I've actually found one time it was more beneficial for a client to take the standard deduction over itemizing, even though itemizing was much bigger, because of the alternative minimum tax he was hit with. Ordinarily you would want to always take the one that ends up being higher. Even if you have gambling losses to offset winnings, if the standard deduction is greater, then you want to take it.

Are your winnings only on table games? We get several W2s every year and only a few times have our winnings been more than our losses. We always play with a player's card and get a P and L statement from the casino just to cover those winnings. I believe this is only possible with slots and VP.

We do use professional accounting services, since we have a business and two properties, plus other complicated tax rules. That first year, our accountant was absolutely shocked to see our coin-in (way over our income) until we showed also him the P/Ls - ha.

Ask around and find a CPA who won't gouge you with such a high fee.

For years our CPA, a long time friend of my husbands, was increasingly gouging us with his higher and higher fees.

Luckily, our financial advisor knew of a CPA he thought would be reasonable. She is great, professional, figures ours every way it can be figured to get the best outcome, for a fraction of what we were paying before. She is up on all the rules, the changes in tax code every year, etc. The peace of mind knowing our return(s) (state tax too) are done right are well worth her fee. We make an appointment with her that day for the next year.