How Far Back Can You Claim Gambling Losses

Posted on 11/28/2019 by admin

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Gambling Losses Tax Write Off
How Can You Claim Gambling Losses On Your Taxes
Where To Claim Gambling Losses
Proof Of Gambling Losses Irs

Hello and thanks for starting a thread in the Gambling Therapy forums

No, you can only deduct gambling loses up to the amount of winnings in the year you win. You cannot deduct gambling loses without having winnings, unless you are a professional gambler and that is.
If Form 1099G from the IRS shows gambling winnings of $5,000, you can claim losses of no more than $5,000, even if your losses were far greater. Before you can begin your Wisconsin state tax return you must complete your federal income tax return.
Getting back gambling losses from online casinos can be a time consuming process. It took me about 6 weeks to get my funds back, but it was a couple grand. Money the online casino should never have gotten their grubby little paws on to begin with under UIGEA.
You can deduct gambling losses, but only up to the amount of your winnings. So if you win $1,000 on a lottery ticket, that's as much as you can deduct in losses for the year.

The rule for claiming gambling losses is that you can only claim up to the dollar amount you won gambling. If Form 1099G from the IRS shows gambling winnings of $5,000, you can claim losses of no more than $5,000, even if your losses were far greater.

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!

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..

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Im going to hand you over to our community because Im sure they will have some words of wisdom for you :-)

Take care