Is are gambling losses deductible a valid tax write-off?

Gambling losses can be deducted if you itemize your deductions on Schedule A of your tax return. 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 maintain accurate records of both your winnings and losses, including receipts, tickets, and other documentation. This deduction is not subject to any percentage limits but cannot exceed your reported gambling winnings.