Can you claim gambling losses from online gambling on tax returns?

[Megatron]

I received a notice from the IRS that I owe $1,325 for a win I did not report from a racetrack from 2011....

what can I do??

[GoBlue23]

You have to show proof/losing tickets/receipts

Go to the track and collect losing tickets that people toss away

Lottery tickets and sports tickets (if in vegas) also will work

EDIT: Since it is from 2011 this will not work. You will need to prove losses from that fiscal year.

[UntilTheNDofTimE]

You just have to keep a gambling log. Very simple. You can doctor it all you want. You messed up when you didn't claim the winnings though. In the future you have to claim the 1099g and itemize the losses against it. Very simple. So if you won 10,000 at the track make up a gambling log that shows loses up to the amount lost.

[UntilTheNDofTimE]

At this point however, if you made a gambling log they'd request receipts and documentation since its super suspicious because u didn't claim the 1099g. I would just pay the $1200. In the future make sure you submit all 1099g's and itemize against it.

[shooterman]

Do not pick up tickets from the floor. There is a time stamp on all of them and the IRS will disallow them and not play nice with you any more because you insulted their intelligence. I save all my losing tickets and have a group of friends that do the same so if their is an audit on any of us we have access to previous years write offs too. Keeping a log is critical as well as saving all potential tickets/write offs.

[LVHerbie]

You also need to itemize to claim your losses against your winnings...

[Big Bear]

only a matter of time before the mods delete this thread.

[thegameilove]

Don't think you can if you cant prove it

[thegameilove]

Especially if it is an illegal non recognized website

[TwoWays]

This is a messy area to deal with. Just pay the taxes and hide your gambling wins better in the future.

[Bluehorseshoe]

only a matter of time before the mods delete this thread.

Why?

[frankzig]

you need winning's to deduct losses
win 20k
claim winning's of 20 and losses of 15

[Boner_18]

Absolutely but only to the extent of gains and only with proper documentation. Too late now prolly.

[Big Bear]

Why?

not supposed to talk about this type of stuff or money transfers

[GoBlue23]

Do not pick up tickets from the floor. There is a time stamp on all of them and the IRS will disallow them and not play nice with you any more because you insulted their intelligence. I save all my losing tickets and have a group of friends that do the same so if their is an audit on any of us we have access to previous years write offs too. Keeping a log is critical as well as saving all potential tickets/write offs.

Lightbulb

[Monitor-Tan]

If you use player cards at casinos and etc, contact that casino and see if you can get your win/loss statement for that year.