FinAid Logo The SmartStudent Guide to Financial Aid
Site MapAbout FinAid
 
Loans
Scholarships
Saving for College
Military Aid
Other Types of Aid
Financial Aid Applications
Answering Your Questions
Calculators
Beyond Financial Aid

Return to
Professional Judgment
 
Gambling Losses

Gambling winnings are reported as part of AGI. Gambling losses can be included as itemized deductions on Schedule A up to the amount of the winnings. Schedule A deductions do not affect AGI. Since only the net winnings are available to the family, it is reasonable to use professional judgment to reduce AGI by the amount of the gambling losses. The losses should be documented.

 

 
Home | Loans | Scholarships | Savings | Military Aid | Other Types of Aid | Financial Aid Applications
Answering Your Questions | Calculators | Beyond Financial Aid | Site Map | About FinAid®
Copyright © 2014 by FinAid Page, LLC. All rights reserved.
Mark Kantrowitz, Publisher
www.FinAid.org