Gambling losses can be claimed as tax deductions, but how do you prove them? Essential documentation is key. Follow these tips to ensure you’re covered:

  • Keep a gambling diary with dates, types of games, locations, and amounts won/lost.
  • Secure itemized statements from casinos or betting platforms.
  • Retain bank statements showing withdrawals for gambling.
  • Save winning and losing tickets or receipts.
  • Collect form W-2G given by the payer when winnings require reporting.

For more information on gambling and taxes, visit the IRS website.

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