My question is if I have a spreadsheet for the year that tracks the date, place, and starting amount of money I had in my pocket, the winnings reported on W2G’s, and then at the end of the day I record what I have in my pocket is that enough proof of losses for the day. I have no winning/loss report.
Here is my example. I start the day with $500.00 in my pocket. I play slot machines all day and win $2500.00. Taxes were taken out, for my example I had $1700.00 in cash which I use to keep playing I play more and win another $2000.00 again taxes taken out and I have $1500.00 in cash I keep playing using that money to try and win big. However, it does not happen. I use all the money up and go to the casino ATM machine and withdraw $1000.00. However, I have no luck. I stop playing with $100.00 left. So, what are my losses that I can prove. I think I can use the ATM receipt to prove a loss of $1000.00 from the ATM machine.
But what can I deduct, Knowing I only have ATM receipts as proof and my Logging Spreadsheet. I know the $3800.00 is reported has winning so why can’t I deduct it as losses if I came home with only $100.00 left. Any help would be appreciated.
