What constitutes proof of gambling losses as a tax deduction?

Andy: What constitutes proof of gambling losses as a tax deduction?
when you lose at the blackjack table in atlantic city, they dont give you a receipt- what is legitimate proof to submit as your receipt of a gambling loss?

Answers and Views:

Answer by Joe 64
You can’t deduct gambling losses. But if you win you have to report those winning.

Answer by LTD
LOL!
I do not believe you can write-off gambling losses on your taxes…seriously…

Answer by newjerseyguy
You can only deduct losses to the extent that they offset reported winnings.

Answer by taxreff
Gambling losses are deductible to the extent of gambling winnings. The best proof is the casino statements for those who use player cards.

The next best thing is a contemporaneous log of your gambling activity. Failing that, you can try to rely on memory to estimate your activity.

Needless to say, the further down you go in that list the less chance your deduction would be allowed.

Answer by bdwolfhound
See:
https://online.liebertpub.com/doi/abs/10.1089/109218803770238434

This is an excellent and detailed description. Don’t forget the losses are only deductible against gains – unless you can show that you are a professional gambler and hence it is a business loss.

Answer by MELANIE
You needed to ask the casino for a receipt for those losses. Maybe too late now unless you have some sort of card also where points/$ $ $ are racked up for comps. Otherwise losing tickets from anything (lotto, horseraces, sports bets) will do too. Ask your friends for their losers if they aren’t going to use them for 2007. Good luck.

Answer by Judy
You have to keep a log through the year of ALL of your gambling activity, showing all wins and losses. The IRA defines several elements that must be in the log.

You can only deduct losses if you itemize, and then only up to the amount of your winnings.