Writing off gambling losses

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Refer to PublicationU. The annual arrival of the Booklet in the mail always marks the gabmling of yet another tax season. Just beware that gambling income and losses are red flags for the IRS and could trigger an audit. Savings and price comparisons based on anticipated price increase expected in March. Enter your annual expenses to estimate your tax savings. Get a personalized list of the tax documents you'll need.

If you itemize instead of taking the standard deduction, you can deduct gambling losses up to the amount of your winnings. For example, if. You can also deduct your gambling losses but only up to the extent of your winnings. Here are five important tips about gambling and taxes: Gambling income. You may deduct gambling losses only if you itemize your deductions on Form , Schedule A (PDF), and kept a record of your winnings and.