Yesterday, the Tax Court ruled in Au v. Commissioner. The Aus, husband and wife from California, gambled during 2006 but lost money. Indeed, they lost over $40000. They took those gambling losses as a miscellaneous itemized deduction.

Depending on your own financial situation, you might also need to bring documentation of the following sources of income: pension and annuities, alimony received, jury duty pay, gambling winnings, etc. … This includes interest income statements (1099-INT), proceeds from broker transactions (1099-B), retirement plan distributions (1099-R), etc. 6. Mortgage and Real Estate Taxes. If you own your house, you need to bring a few different documents to ensure you take …

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