QUESTION
For gambling losses in previous years, can I claim them for this year's tax filings?
Asked on Jun 06th, 2013 on Taxation - California
More details to this question:
For eg: Year 2010 - Loss $10,000 Year 2011 - Loss $15,000 Year 2012 - Win $50,000 While filing 2012 taxes, can I also deduct the loss of Year 2010 & 2011? Please Advise? Thanks
3 ANSWERS
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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You can deduct gambling losses only if you itemize your deductions. The AMOUNT you deduct may not be more than the amount of gambling income reported on your return. You claim your gambling losses on Schedule A to Form 1040 as a "miscellaneous deduction NOT subject to the 2% limit." A non-resident of the United States cannot deduct gambling losses on Schedule A of Form 1040NR.
Answered on Jun 09th, 2013 at 9:48 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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No. You can only deduct gambling losses for the year in which you actually had the losses. And you can deduct gambling losses only up to the amount of your gambling winnings or that year.
Answered on Jun 07th, 2013 at 12:39 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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No.
Answered on Jun 06th, 2013 at 11:46 PM