Gambling Record Book

Gam

blin

g R

ecap

Mo

nth

Tota

l Win

ning

sTo

tal L

oss

es

Janu

ary

Febr

uary

Mar

ch

Apr

il

May

June

July

Aug

ust

Sep

tem

ber

Oct

ober

Nov

embe

r

Dec

embe

r

Tota

l

It is

impo

rtan

t tha

t you

kee

p al

l su

ppor

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docu

men

ts u

sed

in

prep

arin

g th

is y

ear’s

retu

rn fo

r at

le

ast t

hree

yea

rs fr

om y

our

tax

retu

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due

dat

e. T

he In

tern

al

Rev

enue

Ser

vice

may

requ

ire

thes

e re

cord

s sh

ould

you

r re

turn

be

sele

cted

for

audi

t.

Que

stio

ns fo

r yo

ur ta

x pr

epar

er:

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Name ___________________________________

Address _________________________________

_________________________________

_________________________________

Phone ___________________________________

Email ____________________________________

Year _____________________________________

Why it’s necessary to keep a record of your winnings and losses

The IRS requires you to report all of your gambling winnings for the year as Other Income on page 1 of your Form 1040, U.S. Individual Income Tax Return. You may deduct your gambling losses for the year as Other Miscellaneous Deductions on your Schedule A, Itemized Deductions. You cannot deduct losses that are more than your winnings. You also cannot reduce your total gambling winnings by your total gambling losses and report the difference. You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. Therefore, your records should show your winnings separately from your losses.

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How This Book Works

Through court decisions and IRS guidance, the rules of gambling record keeping have changed frequently. It has been determined that a taxpayer recognizes gain or loss during a wagering session, not through each individual transaction, because that would make record keeping unreasonable and burdensome. Therefore, at the start of each session (when you enter the casino) record the amount of money you have brought with you to wager and any additional withdrawals. At the end of the session, note how much money you leave with. The sum of these numbers will determine your gain or loss and your net daily basis.

It’s important that you record all details completely, as it is required.

Questions for your tax preparer:

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Additional Requirements and Proof

In addition to this record book, you should also have other documentation, such as:• Form W-2G, Certain Gambling Winnings• Form 5754, Statement by Person(s) Receiving

Gambling Winnings• Wagering tickets• Canceled checks, substitute checks, credit records,

bank statements/withdrawals• Statements of actual winnings or payment slips

provided to you by the gambling establishment (sign up for a player’s card to receive this and use the card during all sessions and games)

Note: IRS guidance has determined that Form W-2G reported amounts do not necessarily represent true gambling winnings and reported amounts can be off-set by gambling losses of the same session. When this occurs, the taxpayer should report actual winnings on Page 1 and attach a chart explaining the difference. Speak with your tax professional for further guidance.

IRS Chief Counsel Memo AM2008-11Shollenberger case (TC Memo 2009-306)

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For specific wagering transactions, you should maintain the following items to support your winnings and losses.

• 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: 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.

• Bingo: A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. Supplemental records include any receipts from the casino, parlor, etc.

• Racing: A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. Supplemental records include unredeemed tickets and payment records from the racetrack.

• Lotteries: A record of ticket purchases, dates, winnings, and losses. Supplemental records include unredeemed tickets, payment slips, and winnings statements.

Use the “Additional Details” field of this book to record these details.

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NATP #604 © Copyright 2018, National Association of Tax ProfessionalsAppleton, WI 54912-8002. All rights reserved.