Every year the IRS receives tax returns from people who claim their gambling income is minimal while their gambling losses are huge. See also IRS Publication Miscellaneous Deductions at www.
Just beware that gambling income and losses are red flags for the IRS and could trigger an audit. Investors should be way more fearful than they are, history suggests. Miscellaneous Taxes and Fees. For information on withholding. XX Refund Processing Service fee applies to this payment method.10 Jan If you itemize instead of taking the standard deduction, you can deduct gambling How Much to Write Off on Your Taxes With a Loss in Stocks? deduct losses If you lose money gambling, you might be able to deduct it on your tax returns.