Tax Deductions You Might Be Getting Wrong

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tax deductions 2020

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Taking gambling losses on the chin

You might not think of times you sat at a slot machine with a whiskey in hand as earning income, but it might have been. If you look to gambling for part of your income and have had some success with it, you can likely write off your losses. You’ll itemize those deductions on form 1040, and it’s important you’ve kept an accurate record of your losses and earnings. Your reported losses cannot be larger than your earnings, but if you gamble through legitimate sources like casinos and race tracks, and are in the green, you can write off your losses. Keep in mind venues like race tracks may have your receipts on file if you’re struggling to find those.

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