can you amend a return for gambling losses?

Isreal Kochheiser: Gambling losses (up to the amount of gambling winnings) can only be claimed as an itemized deduction. If your losses are not enough to itemize, there is no reason to amend your return. If your losses make itemizing deductions appropriate, you can amend your original return to include those losses. Even if your losses make itemizing deductions appropriate, unless you have heavy losses (to offset large winnings) it is very possible your CPA would charge more to amend your return than you would realize in tax savings....Show more

Kellie Waycott: if your CPA prepared your original return, take your correction back to him to amendyou can only declare your losses that you can prove up to the amount of your winnings and also only if you can itemize

Terrell Lawman: Thanks for the replies. We did not itemize that year (2008), and the winnings amounted to $16,000. I'm pretty sure that i can get the electronic record of the gaming transactions fr! om the casino, and the withdrawals from our bank statements. Since we didn't itemize that year, can you amend a return as "itemized" ?

Clemmie Burkleo: This question is ambiguous for me too

Shemeka Laker: In your case, probably not. You can only offset gambling winnings with gambling losses if you itemize - the losses might be an itemized deduction. Even then, there are a number of additional rules to meet.

Anibal Scheid: Extremely good question, hope we get some good answers

Dewey Heersink: 1

Jose Calaycay: How are your gambling records? Do you have detailed contemporaneous of ALL of your gambling activity for the entire year? If not, don't waste your time claiming them. Gambling losses are a near automatic audit and if you cannot convincingly prove the losses the deduction will be denied.The other consideration of course is do you have enough to even get any benefit? With a standard deduction in the region of $10k, anything less than t! hat won't help at all, and only the amount in excess of your s! tandard deduction can give you any benefit.Your CPA will explain it all to you; just ask....Show more

Coleman Coscia: Yes.....but.....Amending your return to add losses that just offset winnings that you "forgot" is probably going to get a 2nd look from the IRS even if they are legitimate. So, expect a letter down the road asking for proof of those losses.