Your Keyword Here | What constitutes proof of gambling losses as a tax deduction?

What constitutes proof of gambling losses as a tax deduction?

Posted on December 16, 2009
Filed Under Gambling Discussions | 7 Comments

Andy posted:

when you lose at the blackjack table in atlantic city, they dont give you a receipt- what is legitimate proof to submit as your receipt of a gambling loss?

Casino Cash Surprise

Comments

7 Responses to “What constitutes proof of gambling losses as a tax deduction?”

  1. Joe 64 on December 19th, 2009 6:33 am

    You can’t deduct gambling losses. But if you win you have to report those winning.

  2. LTD on December 20th, 2009 5:17 pm

    LOL!
    I do not believe you can write-off gambling losses on your taxes…seriously…

  3. newjerseyguy on December 22nd, 2009 3:06 am

    You can only deduct losses to the extent that they offset reported winnings.

  4. taxreff on December 23rd, 2009 7:06 pm

    Gambling losses are deductible to the extent of gambling winnings. The best proof is the casino statements for those who use player cards.

    The next best thing is a contemporaneous log of your gambling activity. Failing that, you can try to rely on memory to estimate your activity.

    Needless to say, the further down you go in that list the less chance your deduction would be allowed.

  5. bdwolfhound on December 25th, 2009 11:50 am

    See:

    This is an excellent and detailed description. Don’t forget the losses are only deductible against gains – unless you can show that you are a professional gambler and hence it is a business loss.

  6. MELANIE on December 28th, 2009 10:21 am

    You needed to ask the casino for a receipt for those losses. Maybe too late now unless you have some sort of card also where points/$$$ are racked up for comps. Otherwise losing tickets from anything (lotto, horseraces, sports bets) will do too. Ask your friends for their losers if they aren’t going to use them for 2007. Good luck.

  7. Judy on December 29th, 2009 1:38 pm

    You have to keep a log through the year of ALL of your gambling activity, showing all wins and losses. The IRA defines several elements that must be in the log.

    You can only deduct losses if you itemize, and then only up to the amount of your winnings.

Leave a Reply