Irs documentation for gambling losses

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Aug 02, 2016 · on schedule A; can one claim greater gambling losses than winning. example ( I won 5000.00 but loss 11000. the casino gave documentation indicating the loss? read more Robin D.

what do i need to provide as proof of gambling losses - … Other documentation to prove your losses can include: Form W-2G. Form 5754. wagering tickets. canceled checks or credit records. and receipts from the gambling facility. IRS Tough On Gambling Loss Documentation - Welcome to … 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.

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Gambling Income and Losses - You may deduct gambling losses only if you itemize your deductions on Form 1040 (Schedule A) and kept a record of your winnings and losses.

Tax issues for professional gamblers - Journal of Accountancy

An amateur gambler's losses are only deductible if you itemize. Furthermore, the amount of the losses is limited to the amount of gambling winnings and documentation of losses is necessary to keep the IRS satisfied. Don't leave your tax liability to chance. Contact your advisor if you need more information about deductions for gambling losses. How do I prove my gambling losses at an IRS audit - ASAP You need documentation to support your losses. If you were a member of the casino's affinity club and had a card that tracked your gambling (i.e. for comp privileges), the casino may be able to provide you with a printout that shows your losses and wins. Reporting Gambling Winnings and Losses on Your Tax Return You can’t simply subtract your losses from your winnings and report what’s left over – the math is the IRS’s job. If you are going to deduct gambling losses, you must have receipts, tickets, statements and documentation such as a diary or similar record of your losses and winnings.

Proof Is Needed to Deduct Gambling Losses -

Is win loss sufficient - TurboTax® Support Please see the below link which outlines how to report your winning and losses from gambling. Additionally, as referenced in the article from the IRS, a win/loss statement is an acceptable form of documentation. what do i need to provide as proof of gambling losses ... what do i need to provide as proof of gambling losses. Comment. ... The IRS requires you to keep a diary of your winnings and losses as a prerequisite to deducting ... Gambling Winnings and Losses - IRS Tax Map Topic page for Gambling Winnings and Losses,Lottery Winnings,Gambling,Wagering,Winnings,Gaming ... Website. ... Gambling Losses Up to the Amount of Gambling ...