Gambling losses are deductible ONLY:
so to itemize i believe you have to have paid quite a bit of mortage interest, have a lot of medical bills or donated a crap load of money to charity. If you have gambling losses you can't claim them unless you can itemize one of these. If you own a house you can claim your gambling losses up to your Claimable gambling winnings. So if you win 10 k that is not tax and then win 20 k that is you can only claim up to 20k. So the way it is here in florida is poker winnings are not reported on cash tables. If you hit a jackpot poker then you will get taxes. Anything over 600 on dogs horses is reported, Anything over 1201 in the casino is reported. Last year i hit a 4000 royal flush at the casino here and i forgot to put it in. I got in the mail a couple days ago a letter saying last years taxes were to be ajusted oopsy my bad.
- If you are itemizing your return. So if you are filing your tax return and you are claiming the standard deduction, then you cannot take this deduction, AND
- Up to the amount of your winnings. If you did not win anything, then you cannot deduct any of your losses.