A published limit on offsetting losses.
Educational notes for people who bet on sports or trade event contracts. This page does not tell you what to file, which method to use, or what you owe.
Source: Topic no. 419, Gambling income and losses. Last reviewed 11-Jun-2026 on the live IRS page cited for this draft.
Topic 419 points diary detail back to Publication 529 and treats gambling winnings as income.
Some later write-ups describe a limit on how much of a gambling loss may offset winnings. This page does not adopt a fraction, name a year, or compute a dollar.
- Winnings and losses stay separate records.
- A limit, if one applies to you, is not printed here as a number to use.
This page does not tell you which year a limit starts, what percent to apply, or what you owe.
Educational notes, not tax advice.