100xOdds
100xOdds
Joined: Feb 5, 2012
  • Threads: 525
  • Posts: 3114
March 31st, 2021 at 9:27:20 AM permalink
From this thread from a member that didnt report his w2-G's or gambling losses:
https://wizardofvegas.com/forum/questions-and-answers/advice/35767-jackpot-taxes/4/#post800383

i keep a daily log of my gambling's win/loss for each machine i play in an excel spreadsheet on my phone.

2 years ago i had about $20k in w2-G's and more than that in losses.
in the 'gambling losses' box on my tax form, i put in the same amount as the combined total of w2-g.

If i get audited, would the IRS accept an excel spreadsheet as proof?
if not, would emailing the spreadsheet to myself monthly help?
If not, then what else can i do?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
ThatDonGuy
ThatDonGuy 
Joined: Jun 22, 2011
  • Threads: 98
  • Posts: 4683
March 31st, 2021 at 9:59:19 AM permalink
This is what the instructions say:

"Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings.
Your diary should contain at least the following information.
The date and type of your specific wager or wagering activity.
The name and address or location of the gambling establishment.
The names of other persons present with you at the gambling establishment.
The amount(s) you won or lost.
Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings; Form 5754, Statement by Person(s) Receiving Gambling Winnings; wagering tickets; canceled checks; substitute checks; credit records; bank withdrawals; and statements of actual winnings or payment slips provided to you by the gambling establishment.
For specific wagering transactions, you can use the following items to support your winnings and losses.
These recordkeeping suggestions are intended as general guidelines to help you establish your winnings and losses. They aren't all-inclusive. Your tax liability depends on your particular facts and circumstances.
Keno. Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check-cashing records."
Slot machines. A record of the machine number and all winnings by date and time the machine was played.
Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc.). The number of the table at which you were playing. Casino credit card data indicating whether the credit was issued in the pit or at the cashier's cage.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 41
  • Posts: 1965
March 31st, 2021 at 10:03:26 AM permalink
Quote: ThatDonGuy

This is what the instructions say:

"Casino credit card data indicating whether the credit was issued in the pit or at the cashier's cage.



You mean they keep the credit card machines too close to the tables now? I wonder if a blizzard of markers is any help.

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