Can you deduct gambling losses in 2020?

Gambling losses are deductible on your 2020 federal income tax return but only up to the extent of your gambling winnings. So if you lose $500 but win $50, you can only deduct $50 in losses on your federal income tax returns. To claim a deduction, you’d need to keep a record of your winnings and losses.Mar 24, 2021

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