How to prove gambling losses

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How do you prove Gambling Losses for Taxes? | Yahoo Answers

Prove your gambling losses - Business Management Daily Generally, you can deduct losses from gambling activities, but only up to the amount of your winnings for the year. For example, if you won $5,000 betting at a casino, but lost $6,000 at the track ... 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.

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How to deduct your gambling losses - MarketWatch Here is what you need to know at tax return time. The most important rule. The biggest single thing to know is that you can only deduct gambling losses for the year to the extent of your gambling winnings for the year. So if you won $2,500 gambling in 2014, the most you can deduct of your losses is $2,500 — no matter how much you lost.

You also spent $50 per month buying lottery tickets, but had no winners, and have the records to substantiate your lottery ticket purchases. You would be able to deduct $800 of gambling losses, which includes $300 of slot losses plus $500 of the $600 of lottery losses. Your total gambling deduction is limited to $800, the amount of your winnings.

Did you have gambling losses last year? If so, you may be entitled to a deduction. Here is what you need to know at tax return time. The most important rule The biggest single thing to know is ... So You Want To Deduct Your Gambling Losses? | Ara ... You also spent $50 per month buying lottery tickets, but had no winners, and have the records to substantiate your lottery ticket purchases. You would be able to deduct $800 of gambling losses, which includes $300 of slot losses plus $500 of the $600 of lottery losses. Your total gambling deduction is limited to $800, the amount of your winnings. How to Claim Gambling Losses on Federal Income Taxes ...

How do I need to prove gambling losses? I have played exclusively with my players card at only one chain. Would an activity report by sufficient proof? I have won several jackpots but I have also lost as well. I believe that I will be about even after everything.

Responsible gambling means that you are gambling just for fun and entertainment in a balanced lifestyle. If the aim of gambling becomes to earn money,.. Gambling Income and Losses The IRS recently released a “Tips” sheet on gambling income and losses offering some very important points to remember when playing the ponies, rolling the dice or pulling the slots.