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Can I claim gambling losses?

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return.

irs.gov - Topic No. 419 Gambling Income and Losses | Internal Revenue Service

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The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

Gambling Winnings

A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040)PDF), including winnings that aren't reported on a Form W-2GPDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

Gambling Losses

Nonresident Aliens

If you're a nonresident alien of the United States for income tax purposes and you have to file a tax return for U.S. source gambling winnings, you must use Form 1040-NR, U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens and Publication 901, U.S. Tax Treaties for more information. Generally, nonresident aliens of the United States who aren't residents of Canada can't deduct gambling losses. See As a Nonresident Alien, Are My Gambling Winnings Exempt From Federal Income Tax? to find out if your gambling winnings are exempt from federal income tax. For additional information on withholding on gambling winnings, refer to Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

Recordkeeping

To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions for more information.

For additional information, refer to Publication 525, Taxable and Nontaxable Income or review How Do I Claim My Gambling Winnings and/or Losses?

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How many people gamble for a living?

Only one-half of 1 percent of all gamblers fall into the professional category, according to the Council on Compulsive Gambling of New Jersey. While actual numbers are hard to come by, people in the field say the number of professional gamblers may be 100,000 to 700,000 nationwide.

nytimes.com - EARNING IT; Life's a Gamble. A Few People Make It a Profession.

FOR Lem Banker, becoming a professional gambler was a matter of joining the family business. Mr. Banker, perhaps one of the most successful gamblers in Las Vegas, Nev., learned the trade of sports betting from his father in Union City, N.J., where the family-owned candy store doubled as a bookmaking parlor. And Mr. Banker, who is 70, is unusual in another way. While a fast-growing number of Americans are willing to engage in gambling, he is one of a small percentage who have made a career of it, earning all of their income from legal gambling. Would-be professional gamblers, however, should think hard before quitting their day jobs. Only one-half of 1 percent of all gamblers fall into the professional category, according to the Council on Compulsive Gambling of New Jersey. While actual numbers are hard to come by, people in the field say the number of professional gamblers may be 100,000 to 700,000 nationwide. Such gamblers are heavily regulated and must win a lot -- and keep good records -- to make the financials work. Most of the nation's professional gamblers are stationed in Las Vegas and at horse tracks across the country. And although they pay taxes and are recognized by the Internal Revenue Service, they do not seek attention and go largely unnoticed.

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