I just received a letter from the IRS that said I owe $576 on additional unclaimed income that the casino reported. Is there any kind of form I can get from the Casino to show proof of my losses as well as my wins?
Judy on Jul 14, 2011 Said:
Not now, that you could deduct. To deduct losses you have to have a log of ALL of your gambling activity for the year, not just that visit or even just that casino, with a variety of required information. Even then you can only deduct losses up to the amount of your reported gains, and only if you itemize.
tro on Jul 14, 2011 Said:
most casinos do not keep track of your losses, you do and you need to have good proof of your losses
gambling winnings have to be reported
gambling losses up to the amount of your winnings are reportable on sch A
if you are not able to itemize you cannot claim them
Zarg222 on Jul 14, 2011 Said:
YOU are the one that has to keep extremely detailed records (dates,amounts, locations) along with receipts and proof of money bet to have any chance at deducting losses
forget about it if you have to come up with that info now for a past year
cute on Jul 14, 2011 Said:
The only people that can tell you that with the casino but my dad had the same situation and won $10,000 from the casino but his account fixed so he did not have to pay based on losses. There is a certain amount that everyone can claim on losses if I were you I would contact an accountant. I mean a good private one not Jackson and Hewitt or H & R block. Good Luck!
kelby7670 on Jul 14, 2011 Said:
Casinos have no way of keeping track of your loses.
They will keep track of the time you play, the amount you bet and the type of game, but they don not keep track of your actual loses.
rtfm on Jul 14, 2011 Said:
Scroll down to “Gambling Losses”:
http://www.irs.gov/publications/p529/ar02.html#en_US_publink100026974
Most people don’t keep accurate enough records.
If you use a member card at the casino, they might be able to print out a record of how much you’ve spent there over the year.