Hello Oucymichelle,
Great question!
The losses can only be used to offset your winnings. You are not able to claim more in losses than what you are claiming in winnings.
Also, you can only claim your gambling losses if you are itemizing your deductions. Your gambling losses, up to your winnings, plus all of your other itemized expenses will only help you if that number is greater than the standard deduction for whatever filing status you use.
If you had an unlucky year, you can not report more in losses than in gains.
Feel free to review the following TurboTax website for more information about claiming your gambling losses: Can You Claim Gambling Losses on Your Taxes?
Thanks,
Sean
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