How should I handle gambing winnings & losses on my tax return? I won $75,000 but then lost all of that and more.
I rent, I am over 65, and I am married. We have minimal deductions. Can I itemize my return?
Answers | 1
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. This is an overly simplified method, so I suggest you contact an experienced tax professional to help you.