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Gambling winnings are reported as “Other Income” on Form 1040, U.S. Individual Income Tax Return, when you file with 1040.com. We’ll provide an “Other Income” box for you to enter the amount as part of our interview process.
The IRS allows you to claim your gambling losses as a deduction on Schedule A, Itemized Deductions, so long as you don’t claim more than you won. You can’t, however, deduct the cost of gambling—so if you paid $20 to make the bet, you can’t deduct that $20 from your winnings.
You should have receipts, tickets, statements and documentation, such as a diary or similar record of your losses and winnings, to support the deduction claim.
Also, remember that if you won money and lost money, you have to report those amounts separately.