Essentially, you won $52,300 but lost $64,300, for an overall net of $-12,000.
You list the $52,300 as winnings. You can list up to $52,300 as losses. Turbotax will walk you through this. There is no additional deduction for losses more than winnings. The loss is a special itemized tax deduction. It is not limited by the old 2% rule, but if you don't already itemize your deductions, you may not get the full benefit of the losses.
