Here at Gambling Therapy we pride ourselves on being a caring and diverse online community who can help and support you with the difficulties youre currently facing. We understand that this might be a tough time for you, particularly if youre new to recovery, so come here as often as you need to and participate in the forums, access online groups and connect to the live advice helpline if you need one to one support. Were in this together!
To claim your gambling losses, you have to itemize your deductions. Gambling losses are a miscellaneous deduction, but - unlike some other miscellaneous deductions - you can deduct the entire loss. The deduction goes on line 28 of Schedule A and you have to note that the deduction is for gambling losses.
To claim your gambling losses, you have to itemize your deductions. Gambling losses are a miscellaneous deduction, but - unlike some other miscellaneous deductions - you can deduct the entire loss. The deduction goes on line 28 of Schedule A and you have to note that the deduction is for gambling losses. Gambling losses do not impact your tax return nearly as much as gambling winnings. Losses only partially offset the tax effects of gambling winnings. If you’re a regular gambler in retirement, this means your fun can cost you thousands more in taxes and increased Medicare Part B premiums each and every year. Gambling winnings are included as income for tax purposes, and gambling losses may be deductible on your tax return if you itemize your deductions. Types of gambling income include money won in casinos, lotteries, raffles and any other legal or illegal gambling activities.
Here on the forum you can share your experiences in a safe, supportive and accepting environment. The beauty of writing it all down is that you can take your time and you will be creating a record of your progress that you can look back on if it ever feels like youre not moving forward. So, share as much or as little as you like but do try to stick to keeping just one thread in this forum so people know where to find you if they want to be updated on your progress or share something with you.
And on that note....
Im going to hand you over to our community because Im sure they will have some words of wisdom for you :-)
Take care
The Gambling Therapy Team
PS: Let me just remind you to take a look at our privacy policy and terms and conditions so you know how it all works!