How do I deduct are gambling losses deductible on my taxes?
Business_Expensesgamblingcasinosprofessional gamblerstax
Gambling losses can be deducted on your taxes, but only if you itemize deductions on your tax return. You can only deduct losses up to the amount of your gambling winnings. For example, if you won $5,000 and lost $7,000, you can only deduct $5,000 in losses. Additionally, you must keep accurate records of your gambling activities, including receipts, tickets, and other documentation that can substantiate your losses.