What constitutes proof of gambling losses as a tax deduction?
Posted on February 2, 2010
Filed Under Gambling Code
when you lose at the blackjack table in atlantic city, they dont give you a receipt- what is legitimate proof to submit as your receipt of a gambling loss?
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Gambling losses are deductible to the extent of gambling winnings. The best proof is the casino statements for those who use player cards.
The next best thing is a contemporaneous log of your gambling activity. Failing that, you can try to rely on memory to estimate your activity.
Needless to say, the further down you go in that list the less chance your deduction would be allowed.