To apply for an IRS tax rebate, you do not have to provide a win loss record to US Gambling Refund ™ or to the IRS when filing your United States federal tax return.
The Internal Revenue Service requires that you keep a record of all your gambling wins & losses in case you are subject to an IRS audit. Although an IRS audit is very unlikely for Canadians and US non residents, we do advise you to try your best to keep accurate records, in the form of maintaining a win loss diary and retaining your gambling receipts.
The IRS suggests that your win loss diary, at a minimum, should contain the following information:
- The date and type of gambling activity that you played;
- The name and address of the gambling facility;
- The name of the person(s) who visited the gambling facility with you; and
- The amount of money/prizes you won/lost during each gambling trip.
In addition to the win loss diary, to substantiate your
gaming losses while gambling in the United States, you will need to
retain your receipts and other gambling documentation. We advise that you keep ATM withdrawal slips, receipts for travel expenses (such as for flights, hotels, meals), your player's card, a comp card, wagering tickets, canceled checks, substitute checks, credit card slips etc. as proof that you have spent money gambling in the United States.
If you are a player of any of the following gambling games, you should also keep the following records:
Keno: copies of purchased keno tickets and have them validated by their respective casinos, USA casino credit records, and copies of USA casino check cashing records.
Slot Machines: a log of the USA casino, machine number, and gaming winnings and gaming losses of all the dates played.
Tables Games (such as blackjack (twenty one), poker, wheel of fortune, craps, baccarat, roulette, etc.): the number of the table at which you played, USA casino credit card data indicating whether the credit was issued in the pit or at the cashier's cage.
Bingo: a record of the number of games played, the cost of the purchased tickets, and the amount of gaming losses and gaming winnings. Other records may include receipts from the USA casino, parlor, etc.
Dog Racing: a record of the races, the amounts bet, wagering winnings and losses. Also keep unredeemed tickets and racetrack payment records.
Horse Racing: a record of the races, the amounts bet, wagering winnings and losses. Also keep unredeemed tickets and racetrack payment records.
Lotteries: a record of ticket purchases, dates, and gaming losses and winnings. Always keep your unredeemed tickets, payment slips, and payment records.
It is important to note that while there are no casino winnings taxes on table games, gaming losses from table games can be deducted from your gaming winnings.
This is not an all-inclusive list as to what is considered to be eligible documentation. The type of gambling documentation that you should keep is dependent on your own circumstances. If you are unsure as to what records you are required to keep, contact us now for
IRS tax help from a tax professional.
