@ridhamjoshi36 wrote:
So if I itemize, will I owe anything in taxes?
You list all your winnings as gross income. You list your losses (up to but not over your winnings) as itemized deductions. If your itemized deductions are already larger than your standard deduction without the losses, then every dollar of losses will offset a dollar of winnings. However, if your itemized deductions before the gambling losses are less than the standard deduction, then some of your losses will be needed to climb over that standard deduction threshold and won't reduce your losses.
For example, the standard deduction for single in 2025 is $15,000. Suppose all your other itemized deductions are $10,000, and your gambling losses are $20,000. Your total itemized deductions are $30,000. but since that is only $15,000 more than the standard deduction would have been, only $15,000 of your winnings will be offset.
