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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
- JudyLv 76 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.
- troLv 76 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
- Anonymous6 years ago
You can deduct losses only up to the amount of winnings, so it can't create a refund.
- ?Lv 76 years ago
Losses are only deductible up to the amount of winnings. The taxpayers do not subsidize your gambling.
- ?Lv 76 years ago
no state or IRS allows a deduction for net gambling losses - you can only break even at worst
- ?Lv 76 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.
- kelby7670Lv 76 years ago
All winnings are taxable. Loses must be itemized and are limited to winnings.