Can you write off are gambling losses deductible?

Gambling losses can be deducted on your tax return, but only if you itemize deductions using Schedule A. The deduction is limited to the amount of gambling income you report as taxable income. For example, if you won $5,000 from gambling and lost $7,000, you can only deduct $5,000 of your losses. It's important to keep detailed records of both winnings and losses, including receipts, tickets, and statements. Gambling losses cannot be carried over to future years, and they must be claimed in the year they occurred.