Taxes gambling poker please read on?

Question

Hi can i write off losses from gambling lets say at horse raceing lottery tickets or poker on my taxes. Even if I have no winnings.

Thanks...

Answer 1

No, you can only write off losses to offset winnings. You can't claim more losses than winnings. If you have winnings they are counted as Other Income or you may receive a W-2G. Losses are listed as an itemized deduction and if you don't have enough deductions to beat the standard then they cant be claimed at all.