In Turbo Tax, you can enter your winnings as Gambling Income. To report the losses- in Miscellaneous Income go to Other Reportable Income. Write “Revenue Procedure 2015-X” as the description and enter the amount of session losses as a negative number. This will net the session losses above the line, but still report the total winnings.
NOTE: The rule of losses not exceeding winnings still applies so you are audited, you MUST provide the IRS with a written log which includes the date, winnings and losses for each session (so no individual loss can be more than the winnings per session)
Under the safe-harbor, a taxpayer would recognize a wagering gain if, at the end of a single session of play, the taxpayer’s total gains exceeded his or her losses and would recognize a loss if, at the end the session, the total amount of wagers exceeds the amount of payouts. A session would be treated as beginning when a gambler places the first wager on a particular type of game and ending when the same gambler completes his or her last wager on the same type of game before the end of the same calendar day, i.e., beginning on or after 12:00 a.m. and ending at 11:59 p.m.
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