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Should I get a win/loss statement from the ?

The IRS has explicitly stated that win/loss statements by themselves are not sufficient, you need to have the real-time gambling log or diary of your gambling activities that the IRS requires in order to deduct losses.

Does the IRS accept win loss statements?

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions.

Do I need proof of gambling losses?

Recordkeeping. To deduct your losses, you must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses.

Do I need a Win/Loss statement?

The IRS requires you to keep a log of your winnings and losses as a prerequisite to deducting losses from your winnings. Your winnings include each win during the year.

How to get win loss statement from DraftKings?

To obtain a Win/Loss Statement from DraftKings: Contact DraftKings Customer Support Contact the DraftKings Customer Support Team directly to request a Win/Loss Statement that shows your account activity for a specified period.

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What does a win loss statement show?

A Win/Loss statement is a report that provides an estimated play (amount of money that is won and loss) for the calendar year based when a Players Club card is properly inserted into the gaming device during play.

Is it worth reporting gambling losses?

Gambling losses for most people arent worth as much as they think they are at tax time. You can claim gambling losses up to the amount of your winnings only if you itemize all your deductions.

How do I get a win loss statement?

You will directly request the WIN LOSS statement from the or gambling establishment. If you have received gambling winnings exceeding $600 during the tax year, the W-9 form will be sent to the gambling entity.

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