To report gambling losses, you will need to itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. In 2021 the standard deduction for filing single is $$12,550 and married filing jointly is $25,100. If you claim the standard deduction,
- You are still obligated to report and pay tax on all winnings you earn during the year.
- You will not be able to deduct any of your losses directly from winnings.
You will be prompted to enter losses in the W2-G section. It will then show on Line 32 of the Schedule A Miscellaneous Itemized Deductions Worksheet.
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