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Gambling and tax deductions
Bingo A record of the number of games played, cost of tickets purchased and amounts collected on winning tickets.
This means that if you claim the standard deduction, you are still obligated to report and pay tax on all winnings you earn during the year. Find out more about reporting gambling losses gamnling your tax return. Remos was audited by the IRS. This has happened to many gamblers who failed to keep records. Gambling winnings must be considered in determining your filing requirements.You may be able to deduct gambling losses if you itemize deductions. Income Tax - Chapter 28, Miscellaneous Deductions - See Deductions Not Subject to. In either case, the gambler tax deduction for gambling losses for both professional and casual gamblers is limited to the amount of gambling winnings. You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return. If you lost as much as, or more than, you won.