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Documentation required for gambling losses
Find your tax bracket to make better financial decisions. 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. Answer According to the IRS and from the website here:
Slot Machines — A record of all winnings by date and time that the machine was played. While most gamblers end up empty-handed, a select few win big. The so-called "Cohan rule," which is named after a famous decision, allows courts to estimate a taxpayer's deductible expenses when there is sufficient evidence that the expenses were incurred, but the taxpayer is unable to adequately document precise amounts. You need to first owe tax on winnings before a loss deduction is available. The Lesson to Be Learned An amateur gambler's losses are only deductible if you itemize.Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out Other documentation to prove your losses can include: Form W-2G. A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or have any gambling winnings. what do i need to provide as proof of gambling losses. Comment. Default user Other documentation to prove your losses can include: Form W-2G; Form