🖐 Establishing Basis for Gambling Losses

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To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements.


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Gambling, The IRS and Taxes: How to Deduct Your Gambling Income and Losses - Silver Tax Group

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Reporting Gambling Winnings and Losses

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It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts​.


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Can losing state lottery tickets be used as proof of loss even though i do not keep a win/loss diary?


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To prove gambling losses and taxable income, taxpayers are subject to procedure requires taxpayer-gamblers to maintain an accurate diary.


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It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts​.


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Can I deduct gambling losses?

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Top 5 Craziest Gambling Losses Ever

View all hotels. Grand Canyon West; 3. It is not how much you gamble, it is how much you win. I don't keep gambling logs. Log in to get trip updates and message other travelers. View Hotel. Downtown and Fremont Street- worth visiting? Level Contributor. Having several W-2G's playing VP and slots suggests an amount of play that makes claiming losses reasonable, especially slots, due to the house advantage. Gambling Log. Transportation- Car rental: Best deals? However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. Grand Canyon 4-in-1 Helicopter Tour. Please do not confuse a win requiring reporting immediately at the casino with the requirement to report ALL winnings.

Last year husband and I have three W-2G's to file. How was the first day back? But it would be kinda fun to do just to see how much you're actually gambling. Transportation: Airport- International arrivals- how long is the arrival process? To the best of my knowledge you can not use gambling losses as more info on your taxes.

IrishFan 70, forum posts.

Remember all loses count, lottery tickets, horse racing, etc. For additional information, refer to Publication , Taxable and Nontaxable Income. Then put on you common sense hat and ask whether it isn't just a waste of your time and the IRS' time to bother reporting it. How does it work? Gambling winnings are fully taxable and must be reported on your tax return. Monorail, trams, buses and shuttles Transportation: Uber and Lyft- including discount codes Transportation: Taxis-how much does it cost for a taxi from the airport to the Strip? Helpful information: Where is a low fee ATM? To make a statement like this is irresponsible - hopefully people won't believe it. Dining: what is "Open Table"? DaveNJ 17, forum posts. Bellagio Las Vegas. All forums. For information on withholding on gambling winnings, refer to Publication , Tax Withholding and Estimated Tax. Las Vegas forums. Transportation: what is the public transport? So when i am in Vegas next week according to you i will have to report everything i win. Best Seller. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. Happy Hour listing, updated July Disabled access; mobility information; Dialysis services; Hospitals; Scooters First time visitor- what should I know? A payer is required to issue you a Form W-2G PDF if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. Related: What are the most popular tours in Las Vegas? Re: Gambling Log. Show More. I would love to win enough in Vegas to pay taxes on them with the IRS :. They can only be used to offset big wins reported to the IRS by the casinos. It is important to keep an accurate diary or similar record of your gambling winnings and losses. Furthermore, no one is required to report gambling losses. Valuables Leisure: Golf Nightlife: Bars and lounges- 1. Is it dependable? My word they want casino names, date, time, serial numbers, who you were with. You must file Form PDF and include all of your winnings. The Venetian Resort. You may want to contact an accountant or lawyer in your area for advice, depending on the amount of the W-2G,s. This assumes that the log was kept at the time of the gaming and not recreated at the end of the year. How best to visit the Grand Canyon in one day? See All Las Vegas Conversations. It includes cash winnings and also the fair market value of prizes such as cars and trips. Report inappropriate content. We jump around alot especially on slots. Somewhere different! I have a friend that was audited and used hand written records like yours and had no trouble. Looking at the info. I can't imagine getting to the point where my gambling would affect my taxes - unless of ocurse, I hit some big jackpot, in which case I'm really not going to complain :. Top questions about Las Vegas. You may deduct gambling losses only if you itemize deductions. Ask a question. Paris Las Vegas. Birthday freebies! I kept a trip review log of our trip including dates of us going to each casino as well as what was won and lost. Watch this Topic. And since I have never come out ahead in any of my trips to Vegas , I have never had a reporting requirement. I am a qualified professional and do know what the requirements are. Or, you could just gamble less money. Browse forums All Browse by destination. Strat - Ouch - you and I both got our knuckles whacked! Best US breakfast? The two are exclusive and different. To make absolutely inaccurate statements about something so important as one's income taxes is irresposnible. Refer to Publication , Miscellaneous Deductions, for more information. Top 10 things to do and see Money saving tips! With a view; 2. How do you approach freeplay? From the official IRS webpage. 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. Includes places to see and things to pack! It is clear from your post you don't fully understand the IRS on this, the link below is a good start. NitroDog 17, forum posts. See all. People watching; 3. Best value? Get your tax info from other sources, and opinions about coupons, restaurants, slots and other LV activities here. Caesars Palace. I did not write down serial numbers of the video poker or slots we used. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. I don't see where the IRS would need to know the serial number of the machine you played. Hoover Dam; 2. I only bring as much as I can afford to lose, and I don't play at levels high enough where I would hit a jackpot high enough to warrant a W-2G. I can't imagine getting to the point where my gambling would affect my taxes - unless of ocurse, I hit some big jackpot".