" How Much Gambling Losses Can You Deduct in Taxes? "

Tax payer Reports Gambling Winnings & Losses in the Tax Year they happened. Winnings From Lottery,  Horse Racing, Sports Betting, Horse Racing, and Casinos are Taxable events including Cash and Non-Cash prizes. Fair Market Value Of Cars And Trips are Reported.
1. Gambling Establishment gives W2G Form for the winnings and sends a copy to IRS if the Tax is withheld. Taxpayer gets W2G Form.  The Winnings are included as Ordinary Income for Tax Purposes.
2.  However, if there are Gambling Losses, they are Limited to the extent of Gambling Income. So, the Gambling losses in Excess of Gambling Income can't be claimed by the Tax Payer.
3.  Keep Gambling Receipts i.e. all winnings & Losses
4. How to Deduct such losses ?  Schedule A Itemized Deductions on your Tax Return.

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