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FEB 03, 2013 - TheStreet

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Winning Gamblers Still Lose If They Don't Keep Track for Taxes

NEW YORK (TheStreet) -- If you are a frequent visitor to the local track or casinos it is important to keep good records of your gambling winnings and losses. To deduct losses you must be able to provide receipts, tickets, statements or other records. If you play the lottery, keep your losing tickets. If you play the ponies, keep the daily track programs and all your losing tickets. And make sure the tickets you are saving don't have footprints on them! Gross gambling winnings are reported as "Other Income" on Line 21 of your Form 1040. Gambling losses, allowed only to the extent of ... Read More

Tags: Winning Gamblers Still Lose If They Don't Keep Track for Taxes,  Taxes Latest News