I’m Batman—and even I must abide by the IRS’s unyielding rules when it comes to gambling losses. Here’s the rundown:

1. Itemized Deductions Only:

Gambling losses can only be deducted if you itemize your deductions on Schedule A. And here’s the catch—they’re limited to the amount of your gambling winnings. So, if I lost big on Gotham’s rogues, I can only deduct losses up to any winnings I might have had.

2. Meticulous Recordkeeping:

Just as I keep track of every criminal move in Gotham, I must document every bet. Retain logs, receipts, and any evidence of wagers—this includes the date, type of bet, amounts wagered, and outcomes. Without these records, the IRS won’t entertain any claims of loss.

3. Non-Business Expense:

These losses aren’t considered business expenses—they’re personal. The IRS treats them as such, so they don’t offset other income. They strictly offset gambling winnings.

4. No Magical Loopholes:

Even if Bane blew up the field and I lost my bet, that loss is still subject to the strict rules. There’s no workaround: I can’t claim more than what I won, and without any documented winnings, the deduction is moot.

In summary, while the sting of a lost wager on Gotham’s rogues is as bitter as any defeat on the streets, the IRS demands precision. I must document everything, itemize my deductions, and remember that my losses can only cover any wins—no more, no less.