This article was updated for Tax Year 2023, last edited on December 21st, 2023.
If you want to deduct your gambling losses, you must first determine if you are using itemized deductions.
If you are, you can deduct gambling losses up to the amount of your winnings.
To find out how much you have won, make sure you keep the Form W-2Gs that report your winnings. These will be provided by the vendor from which you won your winnings.
You need to claim your gambling winnings as income. However, you may have had losses in excess of your winnings, but you can only deduct the amount of losses up to your winnings.
If the standard deduction is larger than your itemized deductions, you will likely use that deduction instead. If so, you will not be able to deduct your gambling losses.
You may deduct gambling losses only if you keep a record of your winnings and losses. The IRS may ask for these records.
If you are filing using april Filer, please note that Filer is not available in all jurisdictions and does not support all tax situations, which currently includes itemized deductions. For coverage and other important legal information about the Filer, read more here.
Record Keeping
To deduct your losses, you need to keep an accurate journal or a similar record of your winnings and losses and be able to provide receipts and tickets. See Publication 529, Miscellaneous Deductions for more information.
Additional Resources:
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