You can report as much as you lost in 2019 , but you cannot deduct more than you won. And you can only do this if you're itemizing your deductions. If you're taking the standard deduction, you aren't eligible to deduct your gambling losses on your tax return, but you are still required to report all of your winnings.
Really, can you still deduct gambling losses in 2018?
Losses and tax deductions While miscellaneous deductions subject to the 2% of adjusted gross income floor are not allowed for 2018 through 2025 under the TCJA, the deduction for gambling losses isn't subject to that floor. So gambling losses are still deductible.
Though, can you write off gambling losses 2020? You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040 or 1040-SR) PDF and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.
Whence, can I claim gambling losses if I don't itemize?
Gambling losses are indeed tax deductible, but only to the extent of your winnings. ... The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.
Can a professional gambler deduct gambling losses?
Professional gamblers can deduct their ordinary and necessary business expenses, in addition to their wagering losses, on Schedule C. However, wagering losses cannot exceed gambling winnings. ... This is a significant benefit for the professional gambler tax return.