#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

I won some money, but lost some, too. How do I report my gambling winnings and losses?

If you’re not in the business of gambling, and you itemize your deductions on your tax return, you can claim your losses as an “other miscellaneous deduction.” That said, you can only claim losses up to the amount of gambling income you’re reporting for the year on Form 1040, Line 21, even if you lost more than you won. If you’re in the business of gambling you’ll use Schedule C instead.

To claim your losses, you need to keep a record of both your gambling winnings and losses, including:

  • The date and type of your specific gamble or gambling activity
  • The name and location of the gambling establishment
  • The names of other people who were with you, if applicable
  • The amount you won or lost
  • Receipts, bank statements and payment slips
  • Form W-2G (if you receive one)
Was this article helpful?

Still have questions? Contact member support

Continue your tax filing