Write off live cash game losses?

Hey all, it's tax season again! Anyways, I was wondering how I can go about writing off my live cash game losses. I mostly played cash games last year, but I did win about $20K in tournaments which I have to report. When I play cash games I don't obtain any kind of proof from the window of how much I win/lose. I just walk in, put money on the table, play, than cash out (hopefully). If anyone has any advice it would be greatly appreciated. FYI I am not filing as a professional (in case that makes a difference).

Thanks.

I researched this subject many years ago after a big lottery win.

You can only write off gambling losses equal to what you declare as gamblling winnings. So unless you are a professional player it makes no sense to try. You will wind up with excedrin headache number 98

Play online cash game and get better...........................

If you want to go through the trouble of writing off loses so you can offset your big tourney win you just need to keep records. A notebook or spreadsheet that tracks buy-ins and cash-outs is sufficient.

MrMuckets said:

You can only write off gambling losses equal to what you declare as gamblling winnings. So unless you are a professional player it makes no sense to try.

Click to expand...

First sentence is true. Second sentence makes no sense at all. Assuming we're talking about US citizens, every person is entitled to right off gambling losses to offset gambling winnings that are declared. It would be insame to have $20,000 in winnings and ignore, for example, $18,000 in losses. Why would you take tax liability on $20K when that can be reduced by losses? The losses have had to happen in the same year that the winnings did and the losses can only be claimed up to the amount of winnings. If you didn't win anything, then no losses can be claimed.

Now, having said that, if you don't have any records then you're probably screwed. Even if it isn't a record from the casino, you can track your wins losses in a notebook or ledger. That will suffice. And no, you don't have to be a pro or filing as one.

Get a good CPA, and buy them these two books.

OK a little clarity here. If you need to write off 20K in winnings you are already to late to go to the race track and pick up the losing tickets, I think lottery tickets have coded release date also. So i'm thinking your out of luck unless you know somebody who saves all their losing tickets for some unknown reason. Otherwise like i said if you are not a pro with a full accounting firm at your disposal get ready for excedrin headache.

I hope that helps if you file your own taxes you are in deep doo doo.