Taxpayers may feel nervous to learn that they are required to report their gambling winnings as additional taxable income and feel unsure about how to deduct their gambling losses from that income, but with tax advice from the experts at a tax relief company like Ideal Tax, they can feel confident in their compliance with the tax law and their strategy to save as much money on taxes as possible.

The names of the people the player gambled with.The names and addresses of the gambling locations.The date and type of gambling they engaged in.The amount of their gambling winnings and losses.For taxpayers to be able to claim their gambling winnings or losses, they first must gather all of the information they will need to file the appropriate tax forms with the IRS.