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Does the IRS ask for proof of gambling losses?

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Your winnings include each win during the year.

turbotax.intuit.com - Can You Claim Gambling Losses on Your Taxes? - TurboTax - Intuit
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OVERVIEW

Gambling losses are indeed tax deductible, but only to the extent of your winnings. Find out more about reporting gambling losses on your tax return.

Claiming gambling losses

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

Keeping track of your winnings and losses

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Your winnings include each win during the year. You typically cannot offset your winnings from one day with your losses from another day in order to report your net winnings or losses. Your winnings and losses typically need to be separated and reported individually. The IRS does allow you to net your wins and losses on the same day for the same type of wagering if you meet certain requirements. This means that if you win at the slots one day and lose the next day, you have to report the winnings on your tax return as income and then deduct the losses separately as an itemized deduction.

Typical sources of winnings and losses can include:

lotteries

raffles

horse and dog races

casino games

poker games

sports betting

Your records need to include:

the date and type of gambling you engage in

the name and address of the places where you gamble

the people you gambled with

the amount you win and lose

Other documentation to prove your losses can include:

Form W-2G

Form 5754

wagering tickets

canceled checks or credit records

receipts from the gambling facility

Limitations on loss deductions The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years. Reporting gambling losses To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. If you claim the standard deduction, you: are still obligated to report and pay tax on all winnings you earn during the year

will not be able to deduct any of your losses

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Unmarked police vehicles can often be recognized by features like municipal plates, clusters of antennas, and dark tinted windows. When you're scrutinizing a could-be cop in person, look out for short, neatly-groomed military hairstyles, heavy-duty boots, or baggy clothing with lots of pockets.

wikihow.com - 3 Simple Ways to Spot Undercover Cops - wikiHow

This article was co-authored by wikiHow Staff . Our trained team of editors and researchers validate articles for accuracy and comprehensiveness. wikiHow's Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards. This article has been viewed 231,087 times.

Article Summary

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Spotting an undercover cop isn’t as hard as you may think if you know what to look for. To identify an unmarked police car, look for nondescript plates on the back of the vehicle. Typically, these plates will only have a short string of numbers or may be stamped with the letters “MU.” Also, check the roof or trunk for numerous antennas. When identifying an undercover cop, look for people who have shaved heads, clean side parts, neat ponytails, or low buns since the police department has strict grooming standards. Bulky jackets and cargo pants are another staple of undercover cops since they’ll need room to carry handcuffs, pepper spray, tasers, and a badge. To learn how to recognize an undercover cop by their behavior, keep reading!

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