It depends on your individual tax situation. Generally, gambling losses are allowed as a deduction on your federal income taxes, provided you meet the requirements set forth by the IRS.
You must itemize your deductions on your federal income tax return, and gambling losses must be combined with other deductible expenses in order to qualify.
In order to be eligible for a gambling loss deduction, you must have incurred the loss while participating in a legal game of chance in the United States. You must also have used your own money to play the game and not received any financial compensation for playing.
If you are a resident of Nevada, you may also deduct your gambling losses from your income if you meet specific requirements.
The IRS has provided some general guidelines about what types of losses are deductible. These include gambling losses from playing: bingo, craps, roulette, blackjack, poker and chess.
However, there are some exclusions that may apply to specific games or types of gambling. You should consult an accountant or tax expert if you have questions about whether your particular gambling loss qualifies for a deduction.
