Overlooked Tax Deductions: Gambling Losses.
Comments are not reviewed before they are posted. Gambling winnings include winnings from lotteries and raffles. How to deduct your gambling losses. Reporting Gambling Income and Losses to the IRS. Watch YouTube videos with Chrome.You can also deduct your gambling losses but only up to the extent of your winnings. For more information on gambling income and losses, see IRS Publication , Miscellaneous Deductions, or. IRS Newswire. QuickAlerts. e-News for Tax Professionals. You may be able to deduct gambling losses if you itemize deductions. While the IRS states " Gambling losses are not subject to the 2% of adjusted gross income floor on miscellaneous itemized deductions.