#1
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Slightly different taxes question
Maybe I'm incompetent with the search engine, but I couldn't find anything on what kind of evidentiary standards you have to meet to prove a poker loss in a casino. I just had a big loss in A.C. a few weeks ago and I was wondering if anybody knows how get that deducted for tax purposes.
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#2
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Re: Slightly different taxes question
WARNING: This is not from personal expereince but from what I have gathered from other boards.
you can only claim losses up to the amount that you claim you have won. As far as proving losses, there isnt one proven means to do so. ATM receipts and a good log have been recommended else where |
#3
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Re: Slightly different taxes question
Good detailed log. Nothing is foolproof, but the IRS generally will accept that. You can only deduct your losses up to the point of your wins. This IRS link may help:
IRS Link You should keep records of your losses through the year, just in case you hit big towards the end of the year. Nothing would be worse than being $20K in the hole, hitting to get even in December, and having no good proof of how badly you were stuck all year. One tip I've come to use is to go to the ATM at the casino/cardroom and pick up a receipt that someone has left. Now you have date/time/location information. Jot down your results and put it in a log when you get home. Keep the ATM slips as well, just in case. Every little bit helps with the IRS. |
#4
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Re: Slightly different taxes question
Good point others have made that you can only deduct losses up to the point of your win.
Another thing.....if you take the standard exemption....which most non mortgaging a house people making less than 70K or so do.....you CANNOT ITEMIZE. You cannot deduct the amount of your losses against your wins. |
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