Gambling Journal for Tax Purposes.

[Iluvbingo]

Whether you are playing online bingo, landbased bingo, online casinos, land based casinos, or playing the lottery, you need to keep a complete journal of all activities that show what you have spent for each and what if anything, you have won.

When playing online at bingo rooms or casinos, make a print out of all deposits, then if you win, make a print out of the withdrawl you have requested. When you get the check, it is best to have a photo copy made before cashing it.

If in landbased bingo halls, write down in the journal what you have spent. At casinos, your player card for that casino can be a great way to keep track of all expenditures and wins as the casino will give you a printout at the end of the year to put with your journal.

Losing lottery tickets can also be kept to offset any wins you may have accrued during the year, so put them all in a large manila envelope that has been labeled for losses and the year of those losses.

Be sure to write down everything you have done during the year as to expenses incurred and wins.

[bingolingo]

Great post. This is very important for everyone to do. Last year my husband hit for $1,000 on a lottery scratch off ticket. So we then kept all of the "losers" we accumulated throughout the year and they offset the taxes that we would have had to pay on the winner.

[Iluvbingo]

Thank you. And yes, it does offset what you have to pay in the way of taxes on a win, as winning is considered the same as Earned Income.

Plus, you should put all the losers in a manila envelope and mark that envelope with the year and save just as you would save any other tax info in case of an audit.

[moneypenny]

Thanks for the info and it is true that saving your lottery tickets helps. I had a friend who won fifteen thousand dollars. She didn't have to pay the full amount of tax because she had saved all of her loosing tickets. In the end the little bit of space you loose keeping them saves you big bucks.