EINs and other information.
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. Child and Dependent Care Tax Credit. How to report winnings. Employee's Withholding Allowance Certificate. Refer to IRS PublicationMiscellaneous Deductions, for more details about the type of information you should write in your diary and what kinds of proof you should retain in your records.You can also deduct your gambling losses but only up to the extent of your winnings. Here are five important tips about gambling and taxes: Gambling income. Report any gambling winnings as income on your tax return. Be sure you itemize to deduct gambling losses up to the amount of your winnings. You may be able to deduct gambling losses if you itemize deductions. You CANNOT deduct More Information. Tax Topic - Gambling Income and Losses.