In the Sunday, Feb 19, Review-Journal, columnist Bruce Williams
states "If you take out markers and pay the markers off, for
some reason that appears to be proof that the IRS will accept."
Bruce Williams is usually astute but this just doesn't sound
right.
Group?
I read his response and you could tell he was way out of his area of
expertise. Never mentioned anything about the IRS regs on keeping a
contemperaneous (sp?) diary. But he did cover his ass by closing
with...be sure to seek professional advice from your accountant.
Don the Dentist
--- In vpFREE@yahoogroups.com, "George Lee" <glee4ever@...> wrote:
In the Sunday, Feb 19, Review-Journal, columnist Bruce Williams
states "If you take out markers and pay the markers off, for
some reason that appears to be proof that the IRS will accept."Bruce Williams is usually astute but this just doesn't sound
right.
<<In the Sunday, Feb 19, Review-Journal, columnist Bruce Williams
states "If you take out markers and pay the markers off, for
some reason that appears to be proof that the IRS will accept."
Bruce Williams is usually astute but this just doesn't sound
right.>>
This just shows that people that are experts in many financial and tax matters may not know enough about taxes and gambling to give advice there. There many good accountants and tax preparers who are not at all familiar with the in's and out's of gambling taxes. The reason I started studying the subject many years ago was that my accountant back in Indiana knew nothing about it and I had to educate him. I was so glad to make the acquaintance of Marissa Chien when we became NV residents who, being a gambler herself, is very knowledgeable about the subject. I am amazed at the number of accountants/tax preparers who know nothing about the subject yet give advice, much of it in error.
About Bruce's mention of markers. It is always good to have SUPPLEMENTAL proof of gambling besides your diary. Things like markers, ATM receipts, etc. would verify the dates you were actually in a casino. Win/loss statements are also good supplemental documents. Remember, you do not need to send your diary and supplemental stuff with your tax return. But save for possible future audits.
________________________________________
Jean $�ott - http://www.FrugalGambler.biz
Tax time is coming up - groan! "Tax Help
for the Frugal Gambler" can answer many
of your questions!