IRS Tip Sheet on Gambling Income and Losses

April 2nd, at Originally Posted by maxdemo. Sportsrmylife - I cant really help you there except to state the obvious. Lets say you finish even at the end of the year. The auditor questioned this by requesting documentation of her winnings and losses from the year. Dragon Poker Lock of the Century Gambling Losses You may deduct gambling losses only if you itemize your deductions on Form , Schedule A.

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And win loss statements from the casino are not recognized for tax purposes by the IRS. Your own daily records are accepted. Where the heck could you get this misinformation? Machinist , Aug 24, So basically the casinos report nothing to the IRS? What if the IRS comes asking questions about you? Richard Munchkin , Aug 24, Machinist , Aug 25, This doesn't add up to me. Anyone could write anything they wanted in their journal Why does this have ANY weight at all?

If you're a nonresident alien of the United States for income tax purposes and you have to file a tax return for U. Nonresident Alien Income Tax Return. Refer to Publication , U. Tax Guide for Aliens , and Publication , U. Tax Treaties , for more information. Also, nonresident aliens of the United States can't deduct gambling losses.

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, or other records that show the amount of both your winnings and losses. Refer to Publication , Miscellaneous Deductions , for more information. For you and your family. Individuals abroad and more. EINs and other information. Get Your Tax Record. Bank Account Direct Pay. Historical Content This is an archival or historical document and may not reflect current law, policies or procedures.

IRS Summertime Tax Tip , July 9, Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. Gambling income includes winnings from lotteries, horse racing and casinos.

It also includes cash prizes and the fair market value of prizes like cars and trips. The payer issues the form depending on the type of game you played, the amount of your winnings and other factors. How to report winnings. You must report all your gambling winnings as income. You can deduct your gambling losses on Schedule A, Itemized Deductions. The amount you can deduct is limited to the amount of the gambling income you report on your return.

You should keep track of your wins and losses. This includes keeping items such as a gambling log or diary, receipts, statements or tickets.

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