11/22/2023 0 Comments Tax rules las vegas roulette forum![]() The IRS requires that an accurate diary or similar record must be maintained for substantiating your wins and losses, and that the diary should contain at least the following information: (1) the date and type of your specific wager (2) the name of the gaming establishment (3) the address or location of the gaming establishment (4) the names of the other person(s), if any, present with you (5) the amount(s) you won or lost. Married couples filing a joint return must combine their winnings and combine their losses, and report only one figure for each. Excess losses cannot be carried forward or back to offset winnings in other years. Wins and losses are reported only in the year they occur. This does allow you to deduct gaming losses to offset the income from the "comps." ![]() The value of "comps" received are considered to be gaming winnings and should be included in your total winnings. Professional gamblers hold file as a self-employed business using Schedule C. Gambling winnings are taxed by both the IRS and by many states.Īll winnings from all forms of gambling are taxable and must be declared as income on your tax return.Īll losses from all forms of gambling are deductible as an itemized deduction for recreational players, limited to the amount of winnings declared.
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