Yes. If you have gambling winnings, your gambling losses are deductible up to the amount of your winnings. If you have no winnings, you cannot deduct your losses.
For example: If you won $500 at a bingo game, you can deduct the cost of playing bingo. You can also add to that deduction any other gambling losses you may have for the year, including lottery tickets that you may have bought.
Remember, the losses you deduct cannot exceed your winnings. If your losses are $700, you can only deduct $500, the amount you won at the bingo game. If you had no winnings at all and you had losses of $700, you cannot deduct any of the losses.
Keep a simple log of the type of gambling activity you participate in. Record the name and address of the establishment where you placed the bet, the date, how much you won or lost, and who was present with you. These types of notes will be helpful if the IRS questions your deduction.
Enter your gambling losses on the Medical & Other Deductions tab.
Note: Your gambling losses up to the amount of your gambling winnings are not subject to the percentage limits on adjusted gross income.