Sunday, December 18, 2011

Tax question: gambling winnings?

If a prize is won that is large enough to have to claim on a tax return (over $600 generally), I know that gambling losses can be counted against it if there is proof of the loss (receipts, losing lottery tickets, etc). But, in order to count these gambling losses against the larger-than-$600 prize, does the person filing the return have to be itemizing their deductions, or can it be done by someone who is just taking the standard deduction and exemption?

0 comments:

Post a Comment