Now is the Time to Start a Logbook
Friday January 9, 2009
Each year as players get ready to file their tax returns they notice the W-2Gs they have collected from the casinos over the past year after winning a jackpot amount of $1,200 or more. Although they may not have won more than they lost during the year, they are required to report these on their income tax. You can however deduct your losses if you have proof of your gambling activities. This can be done in the form of a gambling logbook. Unfortunately many players do not think about keeping a log until they get ready to file their tax returns for the previous year and by then it is too late. Since this is the start of a brand new year, now is a perfect time to start your 2009 gambling logbook. Here is what you need to know about keeping a logbook.
Comments
Hi Bill,
Thanks for the articles again.As always, I’m a faithful observer of your site. But I had to laugh when i looked at “how to log your winnings/loses. Right after keno lottery,
you wrote “hose” racing. Bill? Is there a new Game out there your not telling us about? lol.
Sorry, just had to let ya know.
Take Care, Dave
those pesky typos
If you use a casino’s player card you can get a win-loss statement from the casino as proof of your yearly wins or losses from the slots. The IRS now allows that. The other types of gambling though, I don’t know how that’s done.
The IRS considered our players club statement as winnings only…couldn’t see that we lost more than we won and we had to pay…a l o t!!be careful.