In a message dated 2/21/2003 3:48:02 PM Pacific Standard Time,
vpFREE@yahoogroups.com writes:
Date: Fri, 21 Feb 2003 16:50:40 -0600
From: "Video Poker Vegas" <vpvegas@charter.net>
Subject: Re: Casino Executives: Please Read This Post: IRS can skip itI'll let you in on some inside information. In another lifetime, I knew
someone very well who worked as a special agent for the IRS. He used to
say
that the biggest laugh at IRS was when taxpayers did not offset there W2g's
with losses. Everyone at the IRS knew you couldn't win gambling, and fully
expected all winnings to be offset with losses. I laugh when I read all
the
posts about how you have to keep meticulous records for the IRS. The last
thing you are going to have a problem with during an IRS audit is
offsetting
gambling earnings unless you file as a professional or won the Megabucks.Rasti$Rulz
In general, Rastis' posts are right on but I think this one leads people down
the wrong path about record-keeping.
I have never been in an audit, hope to never be in one, but will be prepared
for it if it ever happens.
If you don't keep records & are called in for an audit, it's like getting
caught with your pants down since you have no defense against whatever figure
the IRS comes up with.
Aside from keeping records for tax purposes, you should track your play for
yourself & analyze it periodically. Otherwise, you fall into a common trap,
you think you're doing well but can't understand why you're losing.
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