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Get your taxes done using TurboTax
You can only deduct your gambling losses up to the amount of your winnings if you itemize your deductions on Schedule A of your tax return.
Per the IRS:
Gambling Losses
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
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March 11, 2023
1:22 PM