Day: December 22, 2018

How to Claim Gambling Losses on Taxes?


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.

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