I have the copy of the check that I got from work that I cashed in at one of those 24hour Vegas check cashing places -- which I completely lost every cent of.
I made a journal note in my records -- is that good enough? I lost 2K spread over 3 days.
Cheers!
2007-12-21 08:07:44 · 10 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The journal is not all you need. You also need the machine number. The table number and the amount you lost on each one.
2007-12-21 08:12:59 · answer #1 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Don't even bother. You can deduct gambling losses only to the extent of winnings.
If you go again, be more frugal and get a players club card from the casino and they will track everything for you and maybe give you some freebies. A hotel and casino in Reno knows me and sends me promotional offers. I just got two weekday hotel nights for $22 per night plus $15 is free slot play and a free meal at the restaurant and may have lost as much as $20 playing penny slots. For that I'm not worried about a tax write off.
2007-12-21 10:11:53 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Did you win $2000 or more that same weekend? If so, and if you itemize, you might be able to deduct the losses. If you had a net loss, then no you can't deduct it. Gambling losses are only deductible up to the amount of gambling winnings. You say you lost every cent. So sorry, the loss is yours - tax law doesn't make the other taxpayers pay for your bad luck/bad sense.
2007-12-24 18:09:51 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
And just to correct a few of these posts, if you win $1500 and lose $2000, you don't net the money. You put $1500--100% of the winnings-- on the 1040 line 21 (other income) and then you put $1500 on schedule A.
If don't itemize, losses are worthless to you even if they are cancelling out winnings.
2007-12-21 10:54:17 · answer #4 · answered by Anonymous · 1⤊ 0⤋
gambling losses are only deductible to the extent of your winnings. If you lost $2,000 gambling one day, and you won $1,000 the next and that is all the gambling you did, then you would claim $0 gambling income on your taxes and you do not get to claim the net $1,000 loss. If you made $3,000 instead, you would only claim $1,000 of gambling income.
2007-12-21 08:59:37 · answer #5 · answered by Other Guy 3 · 1⤊ 2⤋
If you did not win any thing then sorry you are out of luck again. You can only claim your winnings up to the extent of your losses.
2007-12-22 02:53:34 · answer #6 · answered by Gary 5 · 0⤊ 0⤋
You can only claim a loss up to your winnings (if any) If you won $1500. and lost $2000. you can claim only $500. as a loss. You don't need proof per se' but if the IRS comes calling, you have to be able to establish that you were in Vegas, and tell them which casino(s) you gambled at.
2007-12-21 08:39:16 · answer #7 · answered by Anonymous · 0⤊ 4⤋
Remember, you can only deduct gambling losses up to the extent of your winnings. If you didn't win anything, you can't deduct anything.
2007-12-21 08:13:36 · answer #8 · answered by Wayne Z 7 · 3⤊ 0⤋
Or you could become a pro. I am not sure of all of the tax laws in that area but this could be a start if that is what you are asking.
http://professionalgamblerstatus.com/
2007-12-21 10:56:15 · answer #9 · answered by tom bailey 5 · 0⤊ 2⤋
losses on hobbies are not deductible ... which includes gambling at vegas.
2007-12-21 08:12:10 · answer #10 · answered by Spock (rhp) 7 · 0⤊ 3⤋