How Do I Prove Gambling Losses on My Taxes: Essential Steps Explained

Gambling losses can be deductible, but you must follow key steps. Here’s how:

  • Keep Detailed Records: Maintain a gambling log with dates, locations, amounts won/lost, and types of wagers.
  • Gather Supporting Documents: Collect tickets, receipts, bank statements, and Form W-2G (if applicable).
  • Itemize Deductions: Use Schedule A on your tax return to itemize your losses up to the amount of your winnings.
  • Report Winnings: Ensure all winnings are reported as income.
  • Consult a Tax Professional: Seek advice to avoid errors and maximize deductions.

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