Short answer
Yes. Muslims believe Allah revealed the Torah to Moses and the Gospel to Jesus, but that these were not preserved exactly as revealed. Words were lost, changed or mixed with human writing, so the Bible today holds truth from revelation alongside human additions. Muslims respect it, but use the Quran as the measure.
Belief that Allah revealed the Torah, the Psalms and the Gospel is part of faith. Ahl al-Sunnah hold that these books were altered (tahrif), so they are not a source of belief or law, though scholars differ on how much of the change was in wording and how much in meaning. Insulting the Bible is not allowed, since it contains Allah's name and true teachings.
The four schools agree on this.
Explanation
The Quran speaks highly of the original scriptures. It says the Torah had guidance and light, that the prophets judged by it, and that Jesus was given the Gospel, also with guidance and light. Muslims are required to believe in these books as Allah sent them.
The Quran also says that some people distorted words from their places, forgot part of what they were reminded of, and wrote scripture with their own hands and said it was from Allah. This is called tahrif. Scholars describe two kinds: changing the words, and twisting the meaning. Many held that both happened; some early authorities said the change was mostly in interpretation. All agree the present text is not the revelation in its original form.
Muslims also point to things Christian scholars themselves discuss: the Gospels were written by others in Greek some decades after Jesus, in a language other than his own; no original manuscripts survive; and churches differ over which books belong in the Bible. The Quran describes itself as the criterion over the earlier scriptures.
In practice: where the Bible agrees with the Quran, Muslims accept it; where it contradicts, they do not; for the rest, the Prophet ﷺ said not to believe or deny it. Muslims treat a Bible with respect and do not mock it. See can Muslims read the Bible, the Gospel in Islam and the Torah in Islam.
The evidence
Quran, Surah Al-Baqara 2:79
فَوَيْلٌۭ لِّلَّذِينَ يَكْتُبُونَ ٱلْكِتَٰبَ بِأَيْدِيهِمْ ثُمَّ يَقُولُونَ هَٰذَا مِنْ عِندِ ٱللَّهِ لِيَشْتَرُوا۟ بِهِۦ ثَمَنًۭا قَلِيلًۭا ۖ فَوَيْلٌۭ لَّهُم مِّمَّا كَتَبَتْ أَيْدِيهِمْ وَوَيْلٌۭ لَّهُم مِّمَّا يَكْسِبُونَ ﴿٧٩﴾
So woe to those who write the "scripture" with their own hands, then say, "This is from Allah," in order to exchange it for a small price. Woe to them for what their hands have written and woe to them for what they earn.
Some people added human writing and attributed it to Allah.
Quran, Surah Al-Maaida 5:13
فَبِمَا نَقْضِهِم مِّيثَٰقَهُمْ لَعَنَّٰهُمْ وَجَعَلْنَا قُلُوبَهُمْ قَٰسِيَةًۭ ۖ يُحَرِّفُونَ ٱلْكَلِمَ عَن مَّوَاضِعِهِۦ ۙ وَنَسُوا۟ حَظًّۭا مِّمَّا ذُكِّرُوا۟ بِهِۦ ۚ وَلَا تَزَالُ تَطَّلِعُ عَلَىٰ خَآئِنَةٍۢ مِّنْهُمْ إِلَّا قَلِيلًۭا مِّنْهُمْ ۖ فَٱعْفُ عَنْهُمْ وَٱصْفَحْ ۚ إِنَّ ٱللَّهَ يُحِبُّ ٱلْمُحْسِنِينَ ﴿١٣﴾
So for their breaking of the covenant We cursed them and made their hearts hard. They distort words from their [proper] usages and have forgotten a portion of that of which they were reminded. And you will still observe deceit among them, except a few of them. But pardon them and overlook [their misdeeds]. Indeed, Allah loves the doers of good.
The Quran describes the altering of earlier scripture.
Quran, Surah Al-Maaida 5:48
وَأَنزَلْنَآ إِلَيْكَ ٱلْكِتَٰبَ بِٱلْحَقِّ مُصَدِّقًۭا لِّمَا بَيْنَ يَدَيْهِ مِنَ ٱلْكِتَٰبِ وَمُهَيْمِنًا عَلَيْهِ ۖ فَٱحْكُم بَيْنَهُم بِمَآ أَنزَلَ ٱللَّهُ ۖ وَلَا تَتَّبِعْ أَهْوَآءَهُمْ عَمَّا جَآءَكَ مِنَ ٱلْحَقِّ ۚ لِكُلٍّۢ جَعَلْنَا مِنكُمْ شِرْعَةًۭ وَمِنْهَاجًۭا ۚ وَلَوْ شَآءَ ٱللَّهُ لَجَعَلَكُمْ أُمَّةًۭ وَٰحِدَةًۭ وَلَٰكِن لِّيَبْلُوَكُمْ فِى مَآ ءَاتَىٰكُمْ ۖ فَٱسْتَبِقُوا۟ ٱلْخَيْرَٰتِ ۚ إِلَى ٱللَّهِ مَرْجِعُكُمْ جَمِيعًۭا فَيُنَبِّئُكُم بِمَا كُنتُمْ فِيهِ تَخْتَلِفُونَ ﴿٤٨﴾
And We have revealed to you, [O Muhammad], the Book in truth, confirming that which preceded it of the Scripture and as a criterion over it. So judge between them by what Allah has revealed and do not follow their inclinations away from what has come to you of the truth. To each of you We prescribed a law and a method. Had Allah willed, He would have made you one nation [united in religion], but [He intended] to test you in what He has given you; so race to [all that is] good. To Allah is your return all together, and He will [then] inform you concerning that over which you used to differ.
The Quran is the measure for judging the earlier books.
Sahih al-Bukhari 4485
Sahih... لا تصدقوا أهل الكتاب ولا تكذبوهم ...
"Do not believe the People of the Book and do not call them liars."
Muslims suspend judgement on what the Quran neither confirms nor denies.
Checked by our team. For a more accurate answer to your own situation, consult a scholar. Quran translation by Sahih International. Hadith Arabic from the standard editions of the six books and the Muwatta, with gradings as recorded there; the English is our own rendering. Spotted a mistake? Tell us.