Can I deduct my gambling losses?

If you itemize instead of taking the Standard Deduction, you can deduct gambling losses up to the amount of your winnings.

You won't be able to deduct gambling losses if you lost more money than you won (excess losses) or if you're taking the Standard Deduction. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000.