{"id":225688,"date":"2023-12-18T17:51:56","date_gmt":"2023-12-18T17:51:56","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/?p=225688"},"modified":"2023-12-18T17:59:17","modified_gmt":"2023-12-18T17:59:17","slug":"how-to-make-recreational-gambling-less-of-a-gamble","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2023\/12\/how-to-make-recreational-gambling-less-of-a-gamble\/","title":{"rendered":"How to make Recreational Gambling Less of a Gamble"},"content":{"rendered":"

You\u2019ve heard the expression \u201cthe house always wins\u201d when it comes to gambling, and usually the IRS wins more often than it loses as well. If you\u2019re a gambler, particularly if you\u2019re a high roller, you need to We can help you use every deduction you\u2019re entitled to with a free Discovery Session. Just visit New Client Application<\/a>\u00a0or\u00a0https:\/\/calendly.com\/d\/46r-49m-93k\/10-minute-intro-call<\/a>.<\/p>\n

become a gambling bookkeeper. For non- professional gamblers, winnings are \u201cabove-the-line\u201d taxable. Losses are \u201cbelow-the-line\u201d itemized deductions and thus deductible, but only to the extent of your winnings and only if you itemize. Casinos and other payors of your winnings may have to report your winnings to the IRS on Form W2G and send a copy to you. Maybe your winnings are $20,000 for the year \u2013but how about your losses? Do they meet or exceed your winnings?<\/p>\n

Most amateur gamblers are not good at recordkeeping. Gamblers, including recreational gamblers should keep contemporaneous records of their wins and losses in the form of a paper or electronic gambling log with:<\/p>\n