"You can deduct gambling losses to the extent of wins on Sch. A, only if
you itemize. You are asked to keep a log of all your gambling sessions for
the year, but this does not get submitted with your tax return. It's backup
in case you get audited."
I do not keep "session records". I itemize on Schedule A. We won a
substantial jackpot and was issued a W2G on VP. The only records I keep to
offset that win is the win/loss statements I get from various casinos via their
slot club cards at the end of the year. Since my losses out-weigh my
wins, I feel that is sufficient to deduct losses up to my winnings.
I have been doing this for years --- no audits.
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