![]() ![]() Keeping track of your winnings and losses If you claim the standard deduction, then you can't reduce your tax by your gambling losses. The deduction is only available if you itemize your deductions. Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. You must report your winnings and losses separately. The IRS doesn't permit you to ‌subtract your losses from your winnings and report the difference on your tax return.If you claim the Standard Deduction, then you can't reduce your tax by your gambling losses. To report your gambling losses, you must itemize your income tax deductions on Schedule A.The amount of gambling losses you can deduct can never exceed the winnings you report as income.You can't deduct your losses without reporting any winnings. You can deduct your gambling losses, but only to offset the income from your gambling winnings. ![]()
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