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Gambling losses are part of Itemized Deductions and are deductible up to the amount of winnings. So if you won $5000 but you lost $5000 or more, you would be able to include $5000 in gambling losses as part of your itemized deductions. If you don't itemize your deductions (the standard deduction, even with the gambling losses is still larger than itemized) you wouldn't see any benefit from the losses.
Does this include winnings from foreign on line gambling?
@LillyGirl Yes, but only up to the amount of your gambling winnings. If you receive a W2C for your gambling winnings, there is entry in this form where you can enter the amount of your losses. To claim, you must have gambling winnings to offset your gambling losses.
[ Edited 02/08/22|05:27 PM PST]
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