This is my first year gambling in a casino out of state. I lost more money than what I won. about $1500 do I still need to report it?

[Texas Roger · Accepted solution]

Yes you do need to report gambling winnings. While losses up to the amount of winnings can be entered on your tax return, they do not directly offset the winnings. They are an itemized deduction and you only get a tax benefit if the total of all your itemized deductions is more than the standard deduction.