Can I deduct my gambling losses?
If you itemize your deductions, you can deduct your gambling losses (up to your gambling income amount).
For example, if you report $5,000 in gambling income on your W-2G, you can deduct up to $5,000 of your gambling losses. If you use the Standard Deduction instead of Itemized Deductions, gambling losses cannot be deducted.
For example, if you report $5,000 in gambling income on your W-2G, you can deduct up to $5,000 of your gambling losses. If you use the Standard Deduction instead of Itemized Deductions, gambling losses cannot be deducted.
