Do any of you keep - or have recommendations on - keeping a players log to document gambling losses for tax purposes?

Don't think I have ever seen a discussion of this aspect of the pleasure and pain of winning on our board. Perhaps most folks here would rather not discuss or post specifics.

But I would love to see your opinion about the whole process of reporting winnings and documenting losses.

Completely unrelated to whatever your personal situation might be, of course.

isn't that a win-loss statement from the casino?

I've read that the win-loss statement is not acceptable proof to the IRS.

That you must keep a detailed log of machines played, including the number of the machine, date, length of play, and amount wagered.

I have never noticed anyone sitting at a vp or slot machine with a little notebook.

Kes, I guess I would rather relie on a win loss statement, factual print out then a log kept by myself while I've been drinking! LOL
BTW.....sometimes those win/loss statements make me sick when I view them!!!!

Kes, I don't remember seeing that type of stipulation on the instructional sheets of the IRS forms.

Somehow I think you'd have to have an incredibly questionable tax return for them to draw attention to exactly how much money you lost.

I know some people that rely on ATM withdraws, some people buy markers, some establish casino credit, and I do know one eccentric guy that keeps a daily log at home.

just walk around a sport book and pick up losing tickets that may be on the floor.i do remember when i played the horses there were diferent rules for pro player or weekend warrior the pro had to keep track of every bet made and you got a receipt for each ticket cashed.i did keep a daily log of what i started with and what i ended with.you also can deduct whatever it cost to generate your winnings,mileage,food,lodging,airfare,lotto, pull tabs any other legal form of gambling that you can get a receipt for.not to tough to offset winnings.

I've also heard the rumors that the IRS won't accept win-loss statements, but I collect them anyway. Between those statements, cancelled checks, ATM stubs and my trip reports - I feel I could document my losses. I also think the IRS isn't too concerned about sunfish like me.

Want to hear my sorry a$$ story? Most of my losses this year have been at Ceasars and other Harrahs properties......I play on Sharons card! :rolleyes:

As DAG does, I regularly collect losing tickets from Sportsbooks. I also rely on the Win/Loss statements from the casinos.

also,the irs isn't going to get real nosy until you have to list professonal gambler as your occupation.the bad part is that section of the irs form,i believe is where you enter 3% of your gross income to start the section on losses or as i call it de-ducks.

Good news, DAG - the gambling losses go one line further down on your tax form and are not subject to the 2% adjustment.

that is good news,now i just have to get lucky enough to worry about it!!

The State of Ohio doesn't allow gambling losses to be deducted! I know you don't all have State income taxes but we do.

I can't deduct gambling losses in Illinois either.

My Dad told me once that he had a friend who got audited by the IRS one year when the guy won a bunch of money at the horse races and deducted the losses. He showed up at the audit with a shoebox full of losing tickets and they didn't even look at them. They just accepted that his deductions were legitimate.

I can deduct gambling losses in California, except for the CA lottery - which is fair since CA doesn't tax the lottery winnings either.

The LVA has a book they are advertising for sale called Tax Help For Gamblers. It looks like it could be an interesting read. If you look at the ad online for the LVA, they give lots of excerpts from the book. Here is a list of some commonly mistaken beliefs.