Gambling rules irs

Gambling rules irs las vegas nevada hotel casinos

As most taxpayers do not keep sophisticated books and records of their gambling activity, the tax preparer is in a potentially perilous position when advising a client continue reading documentation requirements for establishing gambling losses. The process of establishing gross winnings requires the taxpayer to prove the amount originally wagered, as well as the funds remaining at the end of a gambling session. The IRS lists bank records as one means of corroborating amounts gambled; thus, taxpayers can irs gambling limits this by making automated teller machine ATM withdrawals at the casino and retaining these records.

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