Misc Gambling Tax Question

I'm new to gambling, and wasn't 100% sure where to place this. Sorry, feel free to move if I'm in the wrong place here.

I have a question about doing taxes with gambling wins and losses. I'm new and working with much smaller figures than what I'm using, but it's easier to work with big round numbers for example purposes. Also, I'm from North Carolina, USA.

My question is basically when doing my taxes and reporting gambling wins, do gambling losses matter? For example, if I place a sports bet against the spread for $10,000 and win, then I have $10,000 in winning. However, if I think place that $10,000 on another game against the spread and lose, then I have a net of $0. So, do I still have to pay taxes on the $10,000 win? Or is a net of $0 mean that I don't owe any taxes?

Thanks in advance to anyone that can help.

 

You can only deduct those losses against wins. If you win $10,000 you can't deduct $15,000. In order to make ANY losses audit proof you must keep a contemporaneous journal of date/casino/machine number/ amount in and amount out for the whole year. Why? Because you probably played WAY more than you won. The IRS expects the whole total of money in/out. NO! You casinos' win/loss statement are not proof. They help but don't meet the IRS standards for the contemporaneous journal that you must keep every time you gamble.

 

How does a baccarat player who plays multiple tables and switch shoes mid shoe keep a contemporaneous journal? What is a contemporaneous journal? Has anyone at the casinos ever see anyone keeping a contemporaneous journal on table games?