This is one of the most often asked questions among casino visitors that are not professional gamblers. To be able to claim a certain tax deduction based on gambling losses you should follow some steps recommended by the IRS.
First of all, you should know which forms of gambling are susceptible to loss deduction. These are various kinds of the lottery, raffles, horse and dog races, casino, and poker games and sports betting. The IRS recommends keeping some kind of a diary where you will keep an account of all of your winnings and losses in any of the above-mentioned category.
We are all familiar with the various sorts of gambling, but we don’t often think about who is involved in the game. It is widely believed that casinos are full of young people who are coming here to entertain themselves, to try some gambling tricks or just to have the time of their lives. However, the real picture is quite different.