Didn't file my taxes for the past 3 years. I had gambling winnings in those 3 years.

[choochootrain18]

I heard you can report your losses to set your winnings. Is that true? What next steps must I take to report my taxes next year in April to keep it up to date.

[ChelseaC1]

Yes, that is true, and you can take advantage of this deduction if you itemize on your tax return. Your gambling losses are only deductible up the amount of gambling winnings you report, you can never take any losses more than your winnings.  Here is a great article about claiming gambling losses on your taxes.

You can also file previous years tax returns using the following Turbo Tax product.

I hope that resolves your question.

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[quorumof1]

Hi There:

Great advise from above, but please keep in mind that the total of all itemized deductions including gambling losses must exceed your standard deduction in order to realize tax savings.