Tax
Can I deduct gambling losses?
Quick Answer
Gambling losses are deductible only as an itemized deduction on Schedule A line 16, capped at the amount of gambling winnings reported on Schedule 1. No carryforward, no excess deduction, and zero benefit if you take the standard deduction.
Warren Team
Updated April 26, 2026
36
Warren Team
Updated April 26, 2026
36
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The information provided is for educational purposes only and should not be considered as personalized financial advice. Warren is a registered investment advisor. Past performance does not guarantee future results. Please consult with a qualified financial advisor before making investment decisions.
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