- Vesuvius -. Naples is the capital city of the Campania region and the Province of Naples. Its metropolitan area is the second most populated in Italy and one of the largest in Europe. It is located halfway between the volcano, Vesuvius and a separate volcanic area, the Campi Flegrei.
You report gambling winnings as other income on line 21 of Form 1040, but you must itemize to deduct losing bets. If you have few other expenses to claim on Schedule A, it probably won't be worth sacrificing your standard deduction amount just to limit or erase your taxable winnings. Do the math to make sure.
Second, the amount of losses you deduct can't exceed the amount of gambling income reported on your return. As a professional, if you have a gambling loss that exceeds your winnings, you cannot deduct the loss. Your tax loss from the business of gambling can exceed your gambling income but not your gambling loss. If it's your real job and you lose money, then you can deduct those losses, she said.