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Don’t gamble on your tax deductions

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q. My husband suffered losses from gambling last year. Can we deduct the excess loss over 2% of our AGI? T.A.P., Philadelphia

A. Even better, gambling losses can be deducted without regard to the 2%-of-AGI floor for miscellaneous expenses. But your losses are deductible only up to the amount of your winnings. Claim the losses on Schedule A, Line 28.

Tip: In some cases where one spouse has a disproportionately large amount of deductions, a married couple may fare better taxwise by filing separate returns. Figure things out both ways for ’08.

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