(For example, if you won $1,000 in 2021 and lost $1,500, you can deduct up to $1,000 worth of your losses.) As with all deductions, you need to retain records and receipts of all claimed losses. https://zt.com.au/ext/aHR0cHM6Ly9nb3ZuYWguY29tLyVFQiVBOCVCOSVFRCU4QSU4MCVFRCU4RiVCNCVFQiVBNiVBQyVFQyU4QSVBNC0lRUMlOTUlODglRUMlQTAlODQlRUQlOTUlOUMtJUVCJUIyJUEwJUVEJThDJTg1JUVDJTlEJTk4LSVFQiVBQSVBOCVFQiU5MyVBMC0lRUElQjIlODMv/itblmid/666/