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What is proof of gambling losses?

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, tickets, statements, or other records that show the amount of both your winnings and losses.

irs.gov - Topic No. 419 Gambling Income and Losses | Internal Revenue Service

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

Gambling Winnings

A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040)PDF), including winnings that aren't reported on a Form W-2GPDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

Gambling Losses

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."

Nonresident Aliens

If you're a nonresident alien of the United States for income tax purposes and you have to file a tax return for U.S. source gambling winnings, you must use Form 1040-NR, U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens and Publication 901, U.S. Tax Treaties for more information. Generally, nonresident aliens of the United States who aren't residents of Canada can't deduct gambling losses. See As a Nonresident Alien, Are My Gambling Winnings Exempt From Federal Income Tax? to find out if your gambling winnings are exempt from federal income tax. For additional information on withholding on gambling winnings, refer to Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

Recordkeeping

For additional information, refer to Publication 525, Taxable and Nontaxable Income or review How Do I Claim My Gambling Winnings and/or Losses?

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Why is it illegal to be a bookie?

Using a Local Bookie Is Extremely Illegal This is how all regulated land-based sportsbooks provide legal sports betting. With local bookies, since they are operating without a license, there are no taxes being taken from the transaction. This makes it illegal in another sense as tax evasion is a federal crime.

legalsportsbetting.com - Betting With Your Local Bookie In The USA - Legal Sports Betting

Local Bookies – Are Local Bookies Legal?

This page is dedicated to all of the local bookies in the United States that are taking sports bets. While most of our visitors will definitely appreciate what they read here, the local sports bookies currently taking bets in the back alley will not. Legal sports betting in 2022 continues to face the challenges of local illegal bookies. The truth is that if you are betting with a local bookie, you need to stop immediately, especially if they run an online website that advertises their business or is used to actually accept wagers. Now, this isn’t because we disapprove of local bookies in any way. We love sports betting, and anyone that supports the pastime (it’s a lifestyle, really) has our moral support. That said, it’s simply too dangerous for you, the bettor, to use a local bookie. Local bookies operate without licenses, often in areas that are actively hostile towards unregulated gambling. In other words, local bookies are not legal. In offering you odds on sporting events and accepting your bets, these bookies are breaking state and federal laws, and you could get caught up in some major unpleasantness dealing with them. It’s not worth the risk, especially since legal sports betting is available in all 50 states over the Internet, making it more convenient and secure to begin with. Legal sports betting can be done in many US sports betting states, but none of these ways involve your local bookie. There are both state and federal sports betting laws that prevent the use of an unlicensed, unregulated bookmaker, for good reasons. Here, we’ll talk about why you should not bet with a local bookie and give you some alternatives that you have available to you.

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