Can you claim gambling losses on your taxes

Can you claim gambling losses on your taxes slot casino pennsylvania

Customer service and product support vary by time of year. This Week in Pictures International. Find out what you're eligible to claim on your tax return.

The IRS requires you to keep tickets or receipts and a diary of your winnings and losses to substantiate your deduction. If the dogs are certified guard dogs for your business, they may be deductible. The amount of gambling losses you can deduct can never exceed the winnings you report as income. Erb told one of her clients, an artist, that storing a large work of installment art in a living room does not a home office make. The bottom line is that losing money at a casino or the race track does not by itself reduce your tax bill. In general, that diary should contain at least the following information:

If you lose money gambling, you might be able to deduct it on your tax returns. However, before you can claim the deduction, you'll have to meet two important. The biggest single thing to know is that you can only deduct gambling losses for the year to the extent of your gambling winnings for the year. Be sure you itemize to deduct gambling losses up to the amount of your winnings. If you are a casual gambler, these tax tips can help.

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