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royeyrich
Oct 21, 2009, 10:14 PM
What supporting documentation for gambling losses is acceptable from a cash basis taxpayer going into a IRS audit. Taxpayer deducted up to the amount claimed as misc. income. Taxpayer has no banking activity to support cash withdraws etc. Any and all advice truely appreciated.

Five Rings
Oct 22, 2009, 10:02 AM
A daily diary of your wagering activity would be just what you need.

AtlantaTaxExpert
Oct 22, 2009, 01:20 PM
Also, if you gambled in a casino and used their player's card, they can provide you with a printout that will at least partially show your gambling losses and winnings.

This document has been accepted at face value by the IRS as proof of gambling losses.

A phone call to the toll-free number on the back of the player's card will get you the printout in about ten business days.