If you like to gamble, this easily overlooked deduction could save you money each year.
Gambling winnings are taxable income, and you are required to report them on your – tax return. Winnings can come from lottery tickets, casinos, racetracks, and other Steps sources. These winnings include cash and the value of any prizes you win, like trips, cars, or raffle prizes.
The good news is you can deduct the amount of your gambling losses, look limited to the amount of your gambling winnings. To ?? claim your gambling losses, you must be able to show proof of what you spent. This could include scratch-off tickets, racetrack tickets, cash advance receipts from a casino, or similar records.
The recordkeeping requirement is similar to records needed for ??i vehicle expenses. Essentially, you need Things to keep a diary of transactions, Soccer and have records that support your diary entries.
You will need a diary of winnings and losses, which includes:
• The date and type of your specific wager or wagering (2146) activity
• The name and address or location of the gambling establishment
• The names of other cheap nfl jerseys persons present with you at the gambling establishment
• The amount(s) you won or lost
You will also need supporting documents. Here are some examples:
Lotteries (includes scratch-offs):
• Non-winning tickets
• Payment slips
• Winnings statements
• Copies of validated tickets you purchased
• Casino credit cheap NFL jerseys records
• Casino check cashing records
• Record the machine number
Table games (blackjack, poker, etc.):
• The table Plan number(s) you played at
• Number of games played
• Cost wholesale NBA jerseys of your bingo cards and tickets
• Any receipts provided by the gaming facility
• Copies of losing tickets
• Winning payment slips from the racetrack showing amounts paid to you
Depending on the amount you win, the payer may issue you an IRS Form W-2G, Certain Gambling Winnings. Keep this form and bring it in when we prepare your taxes.
One of our services is tax planning. Normally held between October and January, Hampton Roads Accounting recommends scheduling an appointment with one of our accountants to discuss your plans for the following Beach year. Going on cheap nba jerseys a vacation? Buying a home? Are you or your child getting ready for college? Let us help you take full advantage of your tax situation. Small things can add up to big savings for you, and we are here to help.