can i write off my gambling losses?

Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. For example, if you have $5,000 in winnings but $7,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $2,000.