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Gambling losses do not reduce your gambling winnings dollar for dollar. Gambling winnings are added to your taxable income, while gambling losses (limited to the amount of your gambling winnings) can only be claimed as an itemized deduction on Schedule A.
If the total of your itemized deductions including the gambling losses do not exceed your standard deduction (or will only increase your itemized deductions by an amount less than the losses themselves), then you do not have the full benefit of the losses on your tax.
For tax year 2023, standard deductions are:
The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:
For more information, please read this TurboTax article.
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