vpFREE2 Forums

Info when you cash a ticket

#1

Except when it is you who is being audited. I've been thru multiple audits. There's a reason the personal gambling log is the most important document a gambler can have. Nothing will or can supersede that log because it is the word of the taxpayer.

3rd party info, such as bank withdrawal & deposit statements relating to individual gambling session/trips are good support, but no competent auditor could ever rely on a casino win/loss statement when it's impossible to determine if the gambler also gambled without a card. You're asking for the auditor to assume at that point, and the audits are about only the facts. The log provides the needed facts.

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----- Reply message -----
From: "kcace1024" <cy4873@hotmail.com>

Anybody with common sense would place more value on an independent third party evaluation. You can put anything you want in your log. Many people and companies are well known for keeping 2 sets of books.

#2

<<Anybody with common sense would place more value on an independent third party evaluation. >>

But not if the 3rd party isn't able to provide COMPLETE information, which the win/loss statements are not.

<<You can put anything you want in your log. Many people and companies are well known for keeping 2 sets of books.>>

This is much harder to do than people think it is.

Win/loss statements can be supplemental information but a log is crucial in cases especially where there is a large amount of play involved.

Note: NEVER NEVER send a win/loss statement with your original return. It can actually open up a can of worms that probably would have remained closed!!!! And avoid giving it to STATE auditors. There have been cases where a state used inaccurate and/or too- detailed ones to "prove" a higher "gambling income" than even your W-2G total.

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#3

If audits are only about the facts, they won't get them from gambling logs.

Gambling logs do not provide 'facts.' They only provide 'statements.'

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On Tue, Oct 18, 2011 at 10:33 PM, rob.singer1111@yahoo.com < rob.singer1111@yahoo.com> wrote:

Except when it is you who is being audited. I've been thru multiple audits.
There's a reason the personal gambling log is the most important document a
gambler can have. Nothing will or can supersede that log because it is the
word of the taxpayer.

3rd party info, such as bank withdrawal & deposit statements relating to
individual gambling session/trips are good support, but no competent auditor
could ever rely on a casino win/loss statement when it's impossible to
determine if the gambler also gambled without a card. You're asking for the
auditor to assume at that point, and the audits are about only the facts.
The log provides the needed facts.

[Non-text portions of this message have been removed]