federal tax gambling winnings losses standard deduction

Impairment-related work expenses of a disabled person.Certain unrecovered investment in a pension.

Deduction for repayment of amounts under a claim of right if over $3,000 (see pub 525).

Ordinary loss attributable to a contingent payment debt instrument.Federal estate tax on income in respect to a decedent.Casualty & theft losses from income producing property.Gambling losses up to the extent of gambling winnings.Therefore, the list of allowable “other itemized deductions” shrank down to a significantly smaller list: The TCJA overhaul reshaped deductible expenses as we know it. What constitutes other itemized deductions? Before the Tax Cuts & Jobs Act (TCJA) of 2017, a long list of deductible expenses, mostly associated with business-related expenses, were allowable. There’s one more section left on that Schedule A form, “Other itemized deductions.” If you’ve been following us for a bit, you may have noticed that we’ve highlighted the most well-known deductions that can be itemized for your tax return: medical expenses, the SALT deduction, home mortgage deduction, charitable deduction, and casualty losses.

Federal tax gambling winnings losses standard deduction