I was just told that when your in the casino and you lose your money. You can write that off on your taxes?

Question

I was just told that when your in the casino and you lose your money. You can write that off on your taxes?

Answer 1

You can write it off on a Schedule A for your taxes.

Answer 2

Ok, heres my advice as an accountant....

NO!

what are you serious?!

NO! someone is making fun of you

Answer 3

You can only write off your losses against reportable winnings.  That means if you hit a jackpot and have to report it on your taxes you can write off your losses against it.  You have to be able to prove your losses though.  Keep a written log and ATM receipts from the casinos.  Some casinos will also provide you with a win/loss statement if your play is tracked.

Answer 4

Not exactly. It depends on the amount. You have to ask for a win/loss statement from the casino and use that to file your taxes. You can't just randomly say you lost some money and the IRS will just accept it as true. BUT--you have to be using a player's card in order for them to track your play.