Tax Consequences of Gambling: Gambling income must be included on an annual income tax return, and a gambler can only deduct losses to the extent of their gambling winnings. Losses are itemized deductions, and as such, a gambler should keep in mind that if their losses do not exceed the standard deduction amount, they will not get any benefit from the losses. Moreover, a gambler has the burden of proof of their losses.
Lipman, Francine J., "Tax Talk Tuesdays: Tax Consequences of Gambling (Nov. 27, 2018)" (2018). Tax Talk Tuesdays Radio Broadcasts. 15.