Per the IRS Pub 529
https://www.irs.gov/publications/p529/ar02.html#en_US_2015_publink100027002
You can't reduce your gambling winnings by your gambling losses and
report the difference. You must report the full amount
of your winnings as income and claim your losses (up
to the amount of winnings) as an itemized deduction. Therefore, your
records should show your winnings separately from your
losses.
Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings.
Your diary should contain at least the following information.
-
The date and type of your specific wager or wagering activity.
-
The name and address or location of the gambling establishment.
-
The names of other persons present with you at the gambling establishment.
-
The amount(s) you won or lost.
Proof of winnings and losses.
In addition to your diary, you should also
have other documentation. You can generally prove your winnings and
losses
through Form W-2G, Certain Gambling Winnings, Form
5754, Statement by Person(s) Receiving Gambling Winnings, wagering
tickets,
canceled checks, substitute checks, credit records,
bank withdrawals, and statements of actual winnings or payment slips
provided
to you by the gambling establishment.
For specific wagering transactions, you can
use the following items to support your winnings and losses.
These recordkeeping suggestions are intended as general guidelines to help you establish your winnings and losses. They aren't
all-inclusive. Your tax liability depends on your particular facts and circumstances.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
