Is there a gambling losses tax deduction I can claim on my tax return? On what form would I deduct my gambling losses?

While the IRS does not have a gambling losses tax, it does allow for you to deduct gambling losses on your tax return in the form of a miscellaneous deduction. To deduct your losses from gambling, you will need to:

• • Claim your gambling losses on Form 1040, Schedule A as Other Miscellaneous Deduction (line 28) that is not subject to the 2% limit.

You cannot deduct gambling losses for an amount greater than your gambling income.