The point was missed. When you're audited, you're providing your gaming facts on your log to the auditor. Nothing is more important to them than what you put on that log. The IRS will believe those facts
because they are your word and it is suppose to be truthful. If you choose to lie then you are breaking the law and will be subject to penalties or worse. You can provide all the 3rd party info you want, but inaccuracies and mis-statements or out & out lies by that 3rd party will be of no consequence.
They may also select one or several entries, usually losses, and ask for support on where the money came from in order for you to have experienced the claimed loss. Here's where if you are not being truthful on the log it will start to bite you. If you start saying "I had the cash in the house" but you cannot support the loss entries with commensurate bank withdrawals or give other wishy-washy statements, the IRS can disallow those losses, you can do nothing about it per Tax Court case law precedence, and they can & will go over any and all entries with you in the same way.
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----- Reply message -----
From: "Luke Fuller" <kungalooosh@gmail.com>
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] Info when you cash a ticket
Date: Wed, Oct 19, 2011 2:00 pm
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.'
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.
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