You can deduct all gambling losses from taxable gambling wins in the same taxable year, sometimes you can deduct the previous years losses, but that’s kinds tricky, and i believe requires you to declare your occupation as a Professional Gambler, which is a recognized taxable identity. Differnt rules apply to people who claim taxes as a professioanl gambler.

I highly recommend that you gamble anonymously to avoid paying taxes on winnings. If you pay taxes on winnings nad lose money in subsequent years as a net, you will have payed taxes on money you NO LONGER HAVE. I do not aggree with being forced to pay taxes on money that, if you continue to gamble, you are expecting to lose. when in subsequent years you wont be allowed do deduct the losses.

Yes you can deduct them, you can also deduct any other gambling loss such as lottery tickets, etc, as long as you have proof, such as the losing tickets. Casinos, if you use a players card will sometimes offer, annual win/loss statements that you can use as proof that you lost money at the casino, or that you lost money prior to winning a taxable jackpot or some other large win.

you can’t do it…..say you win 500 on the lottery…..also you spent 200 on losing lottery tickets…..you claim $300.oo as income…..but you aint gonna claim winnings anyway so why bother…..

To start with, you need to report any money you won through gambling. Then, you can claim losses to offset your gambling income. The amount of your loss cannot be greater than the amount of your winnings.

You need to itemize your return. Use Schedule A to list your gambling losses.

You will also need to have receipts to prove that you lost the money.