Can I deduct gambling losses on my tax return?

Can I deduct gambling losses on my tax return?

Frank Scoblete (Casino Gambling Expert & Bestselling Author) gives expert video advice on: Where is gambling legal?; Do I have to report gambling winnings on my tax returns?; Is there any way for the government to know if I won money by gambling? and more...

Here is some good tax news for gamblers. On your tax return, you are allowed to write off your gambling losses against your gambling wins and, hopefully, you'll break even. There is a story about a man, however, who once won a million dollars on New Years Eve and on New Years day he lost it all. As a result, he had to pay taxes on the million and he lost the million the next day.