Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
