I’m currently in the process of preparing my taxes for the year, and I want to ensure that I accurately account for my gambling losses. I understand that gambling losses are, in fact, deductible, but I’m having a bit of trouble locating exactly where on my tax documentation these should be recorded. I engage in occasional gambling throughout the year, on both online platforms and physical casinos, and I’ve kept a tracking of my losses.
However, I am a bit confused about where exactly these losses should be written down or inputted in my tax form. I’ve always been a DIY-type when it comes to preparing and filling out my tax returns, but this is the first time I’ve ever tried to claim gambling losses. I’m primarily using a generic tax preparation software.
I would greatly appreciate if someone could provide me with detailed, step-by-step instructions to guide me through the process. I’m just a bit concerned about doing this incorrectly and potentially facing consequences for games of chance tax errors. Any guidance or helpful tips from those who have done this before would be immensely helpful.
