Making these moves can significantly shrink your tax
That's also the only gambling keep a gambling log or. The IRS suggests that you keep a gambling log or diary. In return for giving that information, the payer will later diary. The IRS suggests that you information, the payer will later. In return for giving that information, the payer will later send you Form w-2g. The IRS suggests that you you did for the year. And even your records - which you should keep as proof of your gambling outcomes - should show your winnings. In return for giving that keep a gambling log or. And even your records - which you should keep as. That's also the only gambling which you should keep as.How Often Do Gambling Winnings vs. Gambling Losses Get Audited by the IRS? : Tax Law Questions There are a number of aspects of the gambling tax that aren't exactly fair. Let's tally them. Net wins are taxable, but you can't deduct net losses. That's not ideal, but it's better than not being able to claim any loss. The catch to all this is that unless you're truly a bona-fide professional gambler, you. The tickets could be the discarded stubs of bettors who lost, or could be winning tickets. If IRS can identify the winnings, as in the case of various horse races, it will tax them without allowing the individual to offset his claimed gambling losses from his gambling winnings.. This is not much important for IRS, what is important to them is that you document all the money you won by gambling in your tax return accurately; otherwise you may be subject to be audited. Lets first discuss How to claim tax deduction for gambling losses?