How to prove gambling losses or winnings for tax deduction?Hi, I am doing a project for my Gaming Management module and it involves developing a casino. However, I have never been to a casino because I am under the age limit. Can I Deduct My Gambling Losses on My Tax Return? Gambling losses are deductible but only up to the amount of the winnings. So if you win the lottery, you can deduct some of the losses such as yourI’m sure that those avid gamblers want to find out how they can be considered a professional gambler. If you think you are, you should always consult... How to Report Your Gambling Losses - Financial Web
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How do you prove gambling losses or winnings for tax deduction... Answers. Best Answer: if you lose in gambling, there's no tax deduction but if you win a lot, like 5 grams or more, then casino will give you something like an invoice then you need to report the invoice when you prepare for your taxes next time. How To Use Gambling Losses as a Tax Deduction Keep original or photocopies of losing lotto, racing, KENO and other wagering tickets. Also, keep any credit card records, bank withdrawal records, casino records and other documents to prove your gambling losses. Declare any of your gambling losses. In the IRS Form 1040, you can declare all of your gambling losses in the 27th line of the form. Reporting Gambling Winnings (and Losses) on Tax Returns Gambling winnings are income, the same as money you make from your job or from renting out half of your two-family house. Gambling winnings are just as much income as other somewhat "speculative" earnings you may have, such as commissions on sales (since that's not guaranteed but depends on making the sales) or a holiday bonus (which depends on whether and how much your employer wants to give ... Gambling Proceeds – How To Deduct Gambling Losses
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