Your Gambling Losses Might Be Deductible
(Gambling losses include the actual cost of wagers plus related expenses, such as travel to and from a casino or other gambling establishment.
There are a couple of important catches, though.
First, unless you're a professional gambler (more on that in a second), you have to itemize in order to deduct gambling losses (itemized deductions are claimed on Schedule A).
Unfortunately, most people don't itemize.
If you were totally down on your luck and had absolutely no gambling winnings for the year, you can't deduct any of your losses.
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Sporadic activities or hobbies don't qualify as a business.
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