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2018 Gambling Losses

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    2018 Gambling Losses

    My tax programs 2018 "Planner" is not allowing gambling losses as an Itemized Deduction, however, everything I read tells me it is still in place and will be allowed in 2018.
    Then there is the safe harbor method for small time gamblers who will not itemize their deductions.

    Are you all interpreting this the same?

    #2
    Yes, gambling losses are still allowed in 2018 (if they Itemize).

    However, I am unsure what you are referring to when you said "the safe harbor method for small time gamblers who will not itemize their deductions".

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      #3
      Rant continued

      Originally posted by TaxGuyBill View Post
      Yes, gambling losses are still allowed in 2018 (if they Itemize).

      However, I am unsure what you are referring to when you said "the safe harbor method for small time gamblers who will not itemize their deductions".
      Here is my favorite way of documenting gambling winnings from pub 529:

      For specific wagering transactions, you can use the following
      items to support your winnings and losses.

      Slot machines. A record of the machine number and
      all winnings by date and time the machine was played.

      How ridiculous is this?

      Comment


        #4
        I wouldn't refer to the per-session netting as a safe harbor method for taxpayers that do not itemize though.

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