Article: 50652
Gambling losses are only deductible if you have gambling winnings and only if you itemize your deductions.
Note
- Gambling losses are entered on the Itemized Deductions – Miscellaneous Deductions screen.
- You must itemize deductions to claim gambling losses.
- You can only deduct losses that do not exceed the amount of gambling winnings reported for the year.
- Losses in excess of winnings are not deductible.
Entering Gambling Losses
- Go to the Federal Taxes section.
- Click on Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Enter Gambling Losses in the search box or click on the General tab.
- Click to open screen Itemized Deductions – Miscellaneous Deductions.
- Enter the gambling loss information and click Save.
Important Note – Gambling Loss Changes
The new tax bill changes related to gambling loss deductions do not apply to Tax Year 2025.
- These changes begin January 1, 2026
- For tax year 2025, you will follow the gambling income and loss rules detailed above.
This new tax bill was signed into law on July 4, 2025. The One Big Beautiful Bill Act (OBBB or OB3) is now also being referred to by lawmakers as the Working Families Tax Cut Act. You may see one or both names used, but they refer to the same set of tax changes.