Irs documentation for gambling losses

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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 ...

The couple continued gambling and lost $400 from the jackpot; they left the casino that day with $1,600 in winnings. They did not report any gambling income on their tax return for 2005, and the IRS issued a deficiency notice for $2,000 in unreported gambling winnings. So You Want To Deduct Your Gambling Losses? - Anderson Advisors Gambling losses are only deductible as a miscellaneous itemized deduction, so you must itemize your deductions in order to claim the deduction. Even better news is that gambling losses are not subject to either the 2% of AGI reduction of miscellaneous deductions or the phase out of itemized deductions for high-income taxpayers. Casinos and the IRS - Blackjack and Card Counting Forums While the casino does not report these to the IRS, the patron may use these win/loss statements as documentation to support the wins/losses on your tax return (although these win/loss statements will not be sent in with the tax return - only shown as documentation when and if the IRS sends you a notice). Keep good records. Gambling Winnings Fact Sheet 1104

Taxation of Gambling Income -

IRS Tough On Gambling Loss Documentation - By : jquinn Date : 15-Jun-15 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. Proof Is Needed to Deduct Gambling Losses - Facts of the Case. The returns claimed deductible gambling losses of $87,000 for 2003 and $214,000 for 2006, which completely offset the gambling winnings reported on the Forms W-2G from the casinos. Same Old Story: Without Diary, Gambling Loss Disallowed

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.

Shannon A Raasch PA Inc. - To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Without a suitable diary and supporting documentation the IRS says You Cannot Deduct Your Gambling Losses. Taxes on Gambling Winnings and Deducting Gambling Losses - E-file Taxes on Gambling Winnings and Deducting Gambling Losses. In gambling, there are winners and losers... But even the winners can be losers if they don't pay their taxes! Any money you win gambling or wagering is considered taxable income by the IRS. So is the fair market value of any item you win.

Save all documentation such as losing tickets, cancelled ... gambling losses are allowed as a deduction only to ... The IRS looks at gambling losses closely and.

What Is a Gambling Loss Tax Break Credit? | Easily File ... You must report all your gambling winnings and losses for the year to the IRS, along with documentation, ... In order to be able to deduct gambling losses, ... Overlooked Tax Deductions: Gambling Losses - YouTube Deducting your Gambling Losses on irs taxes. Visit to learn how to deduction your gambling losses to thousands on your taxes.