If you have winnings from gambling, you can
deduct a large number of expenses to go to Vegas up to the point where it
offsets much or all of the gains. You can deduct your losses, but no more than
your winnings in that tax year. Gambling income includes winnings from State lotteries,
raffles, horse races and casinos, and the fair market value of prizes winnings such
as cars, boats, planes, and trips around the world. To deduct your losses, you
must be able to provide receipts, tickets, statements or other important records.
Most casinos can provide you with a ledger that tracks slot play activity (cash
in and cash out).
