Irs documentation for gambling losses

A recent decision of the Tax Court (in the Zetina Renner) case reminds folks of the rather strict IRS rules regarding documentation of any number of tax return deductions, including deductions for gambling losses.

Same Old Story: Without Diary, Gambling Loss Disallowed Same Old Story: Without Diary, Gambling Loss Disallowed April 1st, 2012 taxdood Leave a comment Go to comments Some taxpayers seem to believe that a casino’s statement is sufficient to substantiate a taxpayer’s reported gambling winnings and losses. How Do I Claim My Gambling Winnings and/or Losses? | Internal … Feb 15, 2019 · Amount of your gambling winnings and losses. Any information provided to you on a Form W-2G. The tool is designed for taxpayers that were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. If married, the spouse must also have been a U.S. citizen or resident alien for the entire tax year.

Gambling Winnings & Losses - taxact.com

Reporting Gambling Winnings and Losses on Your Tax Return • 1040.com Blog - 1040.com: Easy Online Tax … Mar 23, 2017 · You can’t simply subtract your losses from your winnings and report what’s left over – the math is the IRS’s job. If you are going to deduct gambling losses, you must have receipts, tickets, statements and documentation such as a diary or similar record of your losses and winnings. Need to know current ways to document gambling losses - …

Can You Claim Gambling Losses on Your Taxes? - TurboTax Tax Tips ...

Deducting Gambling Losses. Gambling losses are deductible up to the amount of gambling winnings reported in the same year. Additional gambling losses are not deductible and cannot be carried back to previous tax years or forward to subsequent tax years. Proof Is Needed to Deduct Gambling Losses - bza.me An amateur gambler's losses are only deductible if you itemize. Furthermore, the amount of the losses is limited to the amount of gambling winnings and documentation of losses is necessary to keep the IRS satisfied. Don't leave your tax liability to chance. Contact your advisor if you need more information about deductions for gambling losses. How do I prove my gambling losses at an IRS audit - ASAP 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.

May 28, 2014 ... This document provides the general public with information about the ... 5203844 ("IRS AM 2008-011"), he recorded his gambling winnings/losses (per day ... Nonetheless, losses generated from gambling activities are treated ...

Gambling Record Book - National Association of Tax ... Gambling Recap Month Total Winnings Total Losses January February March April May June July August September October November December Total It is important that you keep all supporting documents used in preparing this year’s return for at least three years from your tax return’s due date. Same Old Story: Without Diary, Gambling Loss Disallowed Same Old Story: Without Diary, Gambling Loss Disallowed April 1st, 2012 taxdood Leave a comment Go to comments Some taxpayers seem to believe that a casino’s statement is sufficient to substantiate a taxpayer’s reported gambling winnings and losses. What kind of documentation do you need to claim gambling ...