It is very hard now to get to deduct losses. You can't deduct it directly from the winnings. The winnings will still show up as income. You can only deduct gambling losses up to the amount of your winnings if you itemize deductions on Schedule A. Gambling losses go on schedule A line 28 and are not subject to the 2% threshold.
Gambling Losses are an itemized deduction and you need to itemize on schedule A to use them. So if your Standard Deduction is more they won't be used. And since the Standard Deduction has increased a lot more people will be taking the Standard Deduction.
Can I Deduct gambling losses?
https://ttlc.intuit.com/community/credits-and-deductions/help/can-i-deduct-my-gambling-losses/00/258...
The easiest way to get to the W-2G screen is to search for W2G in your TurboTax program. (Use this exact search term even if you didn't lose any money gambling.)
Then, click the gambling losses link in the search results. You'll come to a screen, Tell Us About Your Winnings, where you can start working on your W-2G forms.
OR Go to
Federal Taxes
Wages and Income
Scroll way down to the end - Less Common Income (show more)
Gambling Winnings - Click the Start or Revisit button and follow the screens
To enter the losses keep going. After it asks about your winnings and you click DONE on the Summary Screen then it asks if you have any other gambling winnings not reported on a W2G. After that screen it will ask for losses.
