Gambling Diary
- Gambling Diary Sample
- Examples Of Gambling Log
- Gambling Diary Template Pdf
- Gambling Log Sheets Irs Approved
The reason why the IRS loves gamblers to use a gambling diary is obvious. A gambling diary organizes the gambling transactions and documents in such way that makes it easier to verify – plain and simple.
Between 1934 and 1977, it was anybody’s guess as to the record keeping requirements for wagering losses.
Then in 1977, the IRS published Revenue Procedure 77-29 and provided guidance as to the acceptable evidence for keno, slot machines, table games, bingo, racing and lotteries.
In Revenue Procedure 77-29, the IRS recommends that gamblers maintain a gambling diary or log and at a minimum provide the following general information:
Gambling Diary Page 4 / 5 Prev. Next Last Post urgh (@urgh) 106 days. Feeling really tough this past week, very depressed and anxious. So that has been triggering me. I have felt the draw of the bookies this week, but have resisted. A complete guide to top online casinos and bingo rooms Casinos Diary presents you with full fledged online casino raiting and latest slot machine reviews, game rules and tips. Our expert authors research and combine information on popular gambling sites to let you read and learn about the casino that suits your gaming needs.
Gambling Diary Sample
- Date and type of specific wager or wagering activity;
- Name of gambling establishment;
- Address or location of gambling establishment;
- Name(s) of other person(s) (if any) present with taxpayer at gambling establishment; and
- Amount(s) won or lost.
Examples Of Gambling Log
The IRS further describes more specific information needed depending on the gambling activity.
For additional emphasis, the IRS repeats these requirements in their annual instructions, Publication 529 Miscellaneous Deductions. (Please note, the Lady Luck Gambling Diary: Slot Machine Edition meets these requirements.)
Gambling Diary Template Pdf
Gambling Log Sheets Irs Approved
Such record keeping makes it easy to prepare the tax return, and prove the gambling-related amounts. And if you are an IRS auditor, it makes that part of your job so much easier to verify.