Whether you are an amateur or a professional gambler, you must adequately document the amount of your losses in order to claim your rightful gambling-loss deductions. Was this answer helpful? Additionally, a search of a database with IRS Revenue Rulings from to the present failed to find for any Rulings on point.
Back to search results. This is true for A and B but not C and D. Thanks diarg your help! In other words, the determination of the net win or loss amount can be made ddiary the gambler redeems his tokens at the end of each session or determines that he lost all the tokens he started off with at the beginning of that session. Ask your question gambling diary irs the community. The admonition to include the number of the table at which a game is played implies that each table you play at forms a separate session.If you gamble, these IRS tax tips can help you at tax time next year: Gambling income. Income from gambling includes winnings from the lottery, horse racing and This includes keeping items such as a gambling log or diary. IRS Summertime Tax Tip , August 29, You can also deduct your gambling losses but only up to the extent of your winnings. statements and documentation such as a diary or similar record of your losses and winnings. The IRS, on examination, questions the gambler about the This procedure requires taxpayer-gamblers to maintain an accurate diary.