DEFINITION of 'Invoice'. A commercial document that itemizes a transaction between a buyer and a seller. An invoice will usually include the quantity of purchase, price of goods and/or services, date, parties involved, unique invoice number, and tax information.If goods or services were purchased on credit, the invoice will usually specify the terms of the deal, and provide information on the available methods of payment.n invoice will usually include the quantity of purchase, price of goods and/or services, date, parties involved, unique invoice number, and tax information.
Gambling losses are deducted on Schedule A as a miscellaneous deduction and are not subject to a 2% limit. This means that you can deduct all losses up to the amount of your winnings, not just the amount over 2% of your adjusted gross income.
You can deduct gambling losses only if you itemize deductions on your federal income tax return. Also, the amount of losses you deduct cannot exceed the amount of gambling income you have reported on your return. Claim your gambling losses as a miscellaneous deduction on Schedule A, Form 1040. It is important to keep an accurate diary or similar record of your gambling winnings and losses (in case of an audit).