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The amounts that you withdraw from the casino and place into your bank account would signify your net wins.
This documentation should give you enough detail to show that you claimed all your income.
But, from now on, I would log your daily wins and losses
I would just work to ensure that you do claim all of your income
Ok, so if I start logging my daily wins and losses now..when I start doing my taxes at the beginning of next year do I claim my total wins/losses as a net win and net loss?
You claim 100% of your winnings on line 21 as other income, and then your losses are an itemized deduction
so my daily log of win/losses is more for appearance sake if I ever get audited? As long as I have printouts of all my deposits and withdrawals (which would confirm all the activity on my bank records)?
No, your diary is to show what your wins and losses are. I would keep you a little calendar and document on the calendar
and also keep copies of your deposits and withdrawals
Ok thank you so much for your answers. You've been very helpful.
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One more...when I do my taxes next year and go to claim my online casino wins, do I claim the net wins for the year or do I add up all of my daily wins (not including the days I loss money)? Because if I have to do it that way, I will probably be claiming hundreds of thousands of dollars in wins, but also claiming hundreds of thousands of dollars in losses...Whereas if I only have to claim my net wins/losses it will probably only be like $30,000.
Because I play a lot every day and some days I might win $100, the next I might win $3,000..then the next day I might lose $2,500.
You have to claim all your wins on line 21, then all your losses as itemized deductions
And you have nothing to worry about, so long as you keep your documentation
ok that's got it all then..thank you so much. Giving you an excellent rating. Thanks again.
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