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14-Jun-2020 02:04

Professional gamblers also need to document their gambling related expenses.The session records might include a journal or diary listing: For specific wagering transactions, a taxpayer can use the following items to support winnings and losses.In either case, the gambler tax deduction for gambling losses for both professional and casual gamblers is limited to the amount of gambling winnings.A professional gambler is classified as a trade or business.A record of ticket purchases, dates, winnings and losses.

Supplemental records include unredeemed tickets and payment records from the racetrack.Most individuals who gamble are casual or nonprofessional gamblers, but the gambling activity of some will rise to the level of a trade or business.