Gambling Winnings/Losses Log 2021 | Best Guide

Finn Kevin18 May, 2022Finance

Reporting. You cannot reduce gambling winnings by gambling losses and report the difference. You must report the full amount of all gambling winnings as income and can claim gambling losses (up to the amount of gambling winnings) only if you itemize deductions. Therefore, records need to show winnings separate from losses. Losses in excess of winnings are not deductible and cannot be carried over to another year.