Irs documentation for gambling losses

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You need documentation to support your losses. If you were a member of the casino's affinity club and had a card that tracked your gambling (i.e. for comp privileges), the casino may be able to provide you with a printout that shows your losses and wins.

Gambling Losses: Tax Question? | Yahoo Answers Sep 05, 2010 · Gambling Losses: Tax Question? IF you have proper documentation, and IF you itemize, you can deduct gambling losses up to the amount of your reported gambling wins for that year. Not that a box of losing lottery tickets is NOT acceptable documentation. There's no proof that those were YOUR losses, you could as well have picked them up out ... Deducting Gambling Losses with the New Tax Bill Dec 18, 2018 · Before we explore strategies for deducting gambling losses we need to review the rules as they stand. Gambling Wins and Losses on a Tax Return. Gambling wins are reported on the front page of Form 1040 for tax years 2017 and prior. Gambling wins are …

Same Old Story: Without Diary, Gambling Loss Disallowed. The Harrah’s statement showed she had total net gambling losses of $14,666 during 2003 as a result of gambling from four different Harrah’s locations. The Thunder Valley Casino statement reflected total net losses for 2003 of $36,151.20.

The IRS does acknowledge that a taxpayer may prove winnings and losses with other documentation, such as statements of actual winnings from the gambling establishment. Special Rules for Professional Gamblers. The professional gambler reports gambling winnings and losses for federal purposes on Schedule C, Profit or Loss From Business. A professional gambler is viewed as engaged in the trade or business of gambling. Gambling Record Book - National Association of Tax … The IRS requires you to report all of your gambling winnings for the year as Other Income on page 1 of your Form 1040, U.S. Individual Income Tax Return. You may deduct your gambling losses for the year as Other Miscellaneous Deductions on your Schedule A, Itemized Deductions.

Some taxpayers seem to believe that a casino’s statement is sufficient to substantiate a taxpayer’s reported gambling winnings and losses.

Form W-2G - Gambling Winnings and Losses Knowledgebase Form W-2G - Gambling Winnings and Losses. ... Gambling losses for the year can be deducted on Schedule A. ... you should also have other documentation. Shannon A Raasch PA Inc. -

Apr 22, 2019 ... Gambling Losses and Taxes: The Answers to All Your Questions About Tax ... You need to make sure you properly document your winnings and losses. ... If gamblers did this, the IRS would ultimately be paying the individual ...

gambling_losses Gambling winnings have to be reported on your tax return, even if your gambling losses exceed your winnings. In general, the winnings are reported as other income on your tax return, and gambling losses are deducted as an itemized deduction …