If the IRS allowed this, then it's essentially subsidizing taxpayer gambling. And if you have a particularly unlucky year, you cannot just deduct your losses without reporting any winnings. Keep in mind that the IRS does not permit you to simply subtract your losses from your winnings and report the difference on your tax return. You can include in your gambling losses the actual cost of wagers plus other expenses connected to your gambling activity, including travel to and from a casino. Other documentation to prove your losses can include:

the name and address of the places where you gamble.

the date and type of gambling you engage in.

Typical sources of winnings and losses can include: This means that if you win at the slots one day and lose the next day, you have to report the winnings on your tax return as income and then deduct the losses separately as an itemized deduction. The IRS does allow you to net your wins and losses on the same day for the same type of wagering if you meet certain requirements.

Your winnings and losses typically need to be separated and reported individually. You typically cannot offset your winnings from one day with your losses from another day in order to report your net winnings or losses. Your winnings include each win during the year. The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Keeping track of your winnings and losses

If you claim the standard deduction, then you can't reduce your tax by your gambling losses. The deduction is only available if you itemize your deductions. Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return.

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