Pay for TurboTax out of your federal refund: Quicken products provided by Quicken Inc.
We're ready to help. Luckily, if you itemize deductions on Schedule A, you can take a deduction for your gambling losses, but it can never be more than your gambling winnings. What is Form C: However, you can only deduct your loss up to the amount you report as gambling winnings. Any money you win gambling or wagering is considered taxable income by the IRS. As a self-employed individual, you will need to report your income and expenses on Schedule C.Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries. All gambling winnings are taxable income. Find out what is considered gambling income and how much tax you have to pay on your gambling winnings. Deduct. Learn more about the gambling winnings tax and form w-2g from the tax experts at H&R Block.