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i am a nj resident, if i file my taxes and include gambling and my losses are greater than winnings is it possible to receive a refund?

7 Answers

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  • Judy
    Lv 7
    6 years ago

    NO! And you declare your entire winnings - losses are only deductible if you itemize, and meet some other rules too. Losses are only deductible up to the amount of your winnings if you can deduct them at all.

  • tro
    Lv 7
    6 years ago

    since you can only claim gambling losses on Sch A and only up to the amount of your winnings, it is actually a 'wash' and would not affect your refund

  • Anonymous
    6 years ago

    You can deduct losses only up to the amount of winnings, so it can't create a refund.

  • ?
    Lv 7
    6 years ago

    Losses are only deductible up to the amount of winnings. The taxpayers do not subsidize your gambling.

  • ?
    Lv 7
    6 years ago

    no state or IRS allows a deduction for net gambling losses - you can only break even at worst

  • ?
    Lv 7
    6 years ago

    AND ... you can only post those losses on your schedule A, which then needs to exceed the standard deduction (6,200 single, 12,400 married) before you start to get any tax relief.

  • 6 years ago

    All winnings are taxable. Loses must be itemized and are limited to winnings.

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