Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
Gambling losses and expenses. Remember losses still stay on schedule A which is a little bit harder now for people to use. Because if you went gambling and you only have a $5,000 gain, and you might have had $5,000 in losses, you’ve already got the standard deduction of $25,100 as a married couple, you may not actually be able to claim those losses. And nowadays with the online sites for sporting, I am seeing more and more individuals reporting gambling gains and losses that they might not be able to claim on their tax return. So, really understand how these things work so that way you’re not surprised when the IRS is billing you more money.
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