Now is the Time to Start a Logbook

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.