Gambling losses deducted at 90% instead of 100% in new tax bill

This isn’t nearly as bad as I thought at first. It just really requires you to have all your losses documented, otherwise anyone can just input (gambling wins / 0.9) in the gambling loss box and bingo you’re good to go. And most recreational gamblers will have at least this 10% disparity in wins and losses as 10% is a pretty typical hold % for slot machines. And at the end of the year if you find yourself not losing enough you have a fun freeroll to go to Vegas and gamble, knowing if you lose, well, you were gonna give 30% of that to taxes anyway! ;)

I kind of like the idea of winning $50K in one night, taking a check home to the bank, and claiming that as winnings. Just get a few of those, and keep all of the losses under the table.

Quote: ChumpChange

I kind of like the idea of winning $50K in one night, taking a check home to the bank, and claiming that as winnings. Just get a few of those, and keep all of the losses under the table.
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I used to play a lot of a video poker game that paid $50k for a Royal Flush at different bars. I always took the cash instead of a check and just had them put it in a to-go food container on the bar so if the place got robbed they could take my wallet but wouldn't want my leftover food.

Quote: DRich

I used email for my log to preserve the dates.
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Did the irs accept that?