So you didn’t bring your A-game to the bingo hall this year? You have a bruised ego and a bruised wallet. The IRS gets it – enough is enough! Go ahead and deduct your bingo losses, you’re allowed. You can deduct the amount you lost last year, up to the amount that you won. Just make sure you have a detailed diary of your winnings and losses (scribbles in the margins deriding competitors are optional).
The Internal Revenue Service allows taxpayers to deduct losses for other types of wagering, too. They must keep a detailed diary of the kind of wager, where they placed it, who they were with, and how much they won or lost.