How to prove gambling losses

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For taxpayers who gamble frequently, it would not be unusual for losses to equal or exceed winnings. So for federal purposes after the deduction for losses, it was possible that very little income was reported on the federal tax return. The burden is on the taxpayer to prove any losses (see Rev proc 77-29, 1977-2 CB 538).

The Internal Revenue Code allows a taxpayer to deduct gambling losses from gambling winnings on an annual basis. But Internal Revenue Code requires a taxpayer to prove his or her gambling losses. How do you prove gambling losses? The IRS has traditionally accepted a daily log or journal kept by the taxpayer detailing the gambling activity of ... what do i need to provide as proof of gambling losses ... People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Establishing Basis for Gambling Losses - The Tax Adviser The central issue raised by the Service on audit is not always the right to a deduction for gambling losses—allowed by Sec. 165(d)—but taxpayers’ inability to prove the amount of their gambling losses and, in particular, their basis in the losses claimed.

Is trading gambling? Many people are often put off when it comes to trading. They often think that trading is gambling - but they could't be more wrong!

Did you have gambling losses last year? If so, you may be entitled to a deduction. Here is what you need to know at tax return time. The most important rule The biggest single thing to know is ... So You Want To Deduct Your Gambling Losses? | Ara ...

Find out how gambling income and losses can affect your federal taxes.

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The Court stated that you can’t simply show a stack of losing ticket stubs from the track to prove your losses since anyone can scoop up worthless tickets that others throw away. Las Vegas Gambling Loss and Expense Attorney | Okabe If you deduct an amount from your tax return as a gambling loss, you must be able to prove that you actually lost money gambling. Call Las Vegas gambling loss and expense attorney from Okabe & Haushalter to see what our firm can do for you! Gamblers- The IRS Knows About Your Winnings, But How Do You

Prove your gambling losses - Business Management Daily

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