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A gambling diary is critical for anyone who gambles regularly. It keeps the irs off your back and serves as additional proof that you won and. The reason why the irs loves gamblers to use a gambling diary is obvious. A gambling diary organizes the gambling transactions and documents. To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts,. Keeping a gambling diary, and specifically, tracking your gambling losses is a powerful tool in obtaining deductions of what you owe to the. The thresholds are $1,200 for bingo or slot machine winnings, $1,500 for keno winnings and $5,000 for poker tournament winnings (and the payout doesn’t have to. For the irs, there are two kinds of gambling records: primary and secondary. Win-loss statements from your casino’s loyalty program are. Thus, if a gambler had a $2,000 winner on a slot machine but on the same day. Taxpayers must keep an accurate diary or similar re- cord of losses and winnings. The diary should contain at least the following information. Under the internal revenue code, u. Paper notepad or diary and write down the date, cardroom name, game, Simply put, this gives you an instant 10 cash bonus credit when you first sign up., slot machine diary for taxes.
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