How do someone prove gambling losses on taxes?

[kayode10]

It is very necessary for someone to prove every income when submitting bank statement for the taxation authority. This will help to prevent penalty of tax evasion.

One of the questions I want to ask you guys over here is that How do someone prove gambling losses on taxes? I'll be looking forward to your response in the comment section to know more.

 

[SlotsMaster]

I don't really understand your content but I know very well that when you record losses in Casino, there's no way you would pay taxes . The taxes are only paid when you have certain amount of money as winnings.

 

[Bigron]

I do not think that you will be able to prove losses in casinos via a bank statement or filing of tax returns. However, one smart way to ascertain the value of the losses you have suffered is to browse through the bet history.

 

[Hannman]

It's only in Europe that not the gambling industries and the gamblers pay back in tax to the government so the government have also pls down how provide the tax refund by such thing is not happening here. We cannot claim back on loses

 

[Btaliat]

Taxes are paid based on winning games and not on losses. I don't think any government will still be demanding money from someone that has lost his or her bet. But there is always tax for the company whether they make loss or gain.

 

[swift]

I think gambling itself is very risky ,if someone is actually not careful ,he or she might be making continous loss off gambling ,so many have not seen the importance of gambling with risk consideration

 

[Julio88]

It is very necessary for someone to prove every income when submitting bank statement for the taxation authority. This will help to prevent penalty of tax evasion.

One of the questions I want to ask you guys over here is that How do someone prove gambling losses on taxes? I'll be looking forward to your response in the comment section to know more.

It is important to record your losses in a tax statement so that you can have proper evidence when one is being asked to provide it by the internal revenue service of the locality in which you are gambling

 

[swift]

It is important to record your losses in a tax statement so that you can have proper evidence when one is being asked to provide it by the internal revenue service of the locality in which you are gambling

I think it's important to record your losses in a tax statement, you should even have revenue statement no doubt, so that you would know your place as a gambler , it's really important to know the amount you are making

 

[Julio88]

I think it's important to record your losses in a tax statement, you should even have revenue statement no doubt, so that you would know your place as a gambler , it's really important to know the amount you are making

I agree with this sentiment. Gamblers should always make sure to have evidence of their transactions geared towards the venture so that one can be cooperative in the event of any investigation against them