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EXAMPLE OF RECORDS TO KEEP FOR CLAIMING GAMBLING LOSSES
You can reduce your gambling winnings in the USA by the amount of your entire gambling losses in the
USA for the year (all casinos, US lottery tickets, etc..).
The IRS is aware that most gamblers will lose more than they win in any given year. The IRS recommends the following as verification.
Keep a diary of your winnings and losses. Your diary should contain at least the following information.
1. The date and type of your specific gambling activity.
2. The name and address or location of the gambling establishment.
3. The names of other persons present with you at the gambling establishment.
4. The amount (s) you won or lost.
In addition to your diary you should also have proof of your winnings and losses. A “players card” or “comp card” will verify your expenditures. Also keep wagering tickets, cancelled cheques, Amex Travelers cheques, credit card receipts, bank withdrawals as proof of the money you spent gambling.
Remember receipts may be hotel, flights, travel and meals.
