How to document gambling losses for taxes

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Gambling: How to Report Winnings for Taxes : Sonny Company…

Need to know current ways to document gambling losses ... I have looked up how to document losses for the IRS but the info out there is contradictory and I don't know which method to use. One says record every machine number, name of game, denominations, money in and money out, and time spent. How to deduct your gambling losses - MarketWatch How to deduct your gambling losses By ... Here is what you need to know at tax return time. ... You can document winnings and losses from table games by recording the number of the table and ... Deducting Gambling Losses | Nolo He subtracted his losses from his winnings and ended up with zero; so he figured he didn’t have any gambling income to list on his return. Makes sense, doesn’t it? Not to the IRS. Remos was audited by the IRS. Because he failed to follow the rules and couldn’t document his losses, he had to pay income tax on his entire $50,000 blackjack win.

What Does Federal Tax Reform Mean for Casino Customers?

I have looked up how to document losses for the IRS but the info out there is contradictory and I don't know which method to use. One says record every machine number, name of game, denominations, money in and money out, and time spent. Five Important Tips on Gambling Income and Losses - TaxAct You can also deduct your gambling lossesbut only up to the extent of your winnings. Here are five important tips about gambling and taxes: Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash

How to Handle Gambling Wins and Losses This Tax Season

The Internal Revenue Service requires that you report all of your gambling winnings on your income taxes so they can be included as taxable income. The IRS also permits you to reduce your taxable income by the gambling losses ... How do I deduct gambling losses on my tax return? | Yahoo Answers

Gambling Loss Deductions Broadened Under New Tax Law ...

Gambling Winnings & Losses - File Taxes Online w/ Free Tax ... While you may be able to deduct your gambling losses, gambling winnings are not directly offset by gambling losses in your tax return. You must be able to itemize deductions on Schedule A of your return in order to deduct the gambling losses, and then can only deduct an amount up to the amount of your gambling winnings.