Please provide more details on this request to help you. Below are the details for any Gambling losses.
The IRS requires you to keep a diary of your winnings and losses as a
prerequisite to deducting losses from your winnings. This includes:
lotteries
raffles
horse and dog races
casino games
poker games
and sports betting
Your diary must include:
the date and type of gambling you engage in
the name and address of the places where you gamble
the people you gambled with
and the amount you win and lose
Other documentation to prove your losses can include:
Form W-2G
Form 5754
wagering tickets
canceled checks or credit records
and receipts from the gambling facility
Limitations on loss deductions
The amount of gambling losses you
can deduct can never exceed the winnings you report as income. For
example, if you have $5,000 in winnings but $8,000 in losses, your
deduction is limited to $5,000. You could not write off the remaining
$3,000, or carry it forward to future years.
Reporting gambling losses
To
report your gambling losses, you must be eligible to itemize your
income tax deductions on Schedule A. You are eligible to itemize
deductions if your gambling losses plus all other itemized expenses are
greater than the standard deduction for your filing status. This means
that if you claim the standard deduction, you are still obligated to
report and pay tax on all winnings you earn during the year. However,
you will not be able to deduct any of your losses.
Only gambling losses
The
IRS does not permit you to simply subtract your losses from your
winnings and report your net profit or loss. And if you have a
particularly unlucky year, you cannot just deduct your losses without
reporting any winnings. If the IRS allowed this, then it's essentially
subsidizing taxpayer gambling.
The bottom line is that losing
money at a casino or the race track does not by itself reduce your tax
bill. You need to first owe tax on winnings before a loss deduction is
available. Therefore, at best, deducting your losses allows you to avoid
paying tax on your winnings, but nothing more.
Get every deduction you deserve