question about taxes

slydeni · #1 01-22-2005, 03:43 AM

What is the best way to file taxes that contain gambling winnings? Any posts on this?

also.... how do you prove gambling losses?

sly

dakine · #2 01-22-2005, 04:15 AM

[ QUOTE ]
What is the best way to file taxes that contain gambling winnings? Any posts on this? sly

[/ QUOTE ]

Yes!

Niediam · #3 01-22-2005, 05:50 AM

You show them your journal that you have kept all year and saving your ATM receipts from live play will help.

slydeni · #4 01-22-2005, 09:56 AM

but what about losses in live game play?
lets say i were to lose 6000 in blackjack or something; for a net of +1000 for the year, rather than +7000. How do I prove this?

Niediam · #5 01-22-2005, 01:30 PM

You just needed to have entered it in your journal right after the loss. The IRS probably won't ask you to 'prove' anything as long as it doesn't seem abnormal. For example, you can't win 10k at poker and then then just tell them you blew it all on the races because you got bored one Saturday and figured it would be fun. [img]/images/graemlins/smile.gif[/img]

Kurn, son of Mogh · #6 01-23-2005, 12:11 AM

Here's a better question for you. How will the IRS know you made this cash money if you don't report it and don't make big lump-sum deposits in your bank or make large purchases incongruent with your reported income?

mmcd · #7 01-23-2005, 12:16 AM

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How will the IRS know you made this cash money if you don't report it and don't make big lump-sum deposits in your bank or make large purchases incongruent with your reported income?

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Niediam · #8 01-23-2005, 04:03 AM

Just hope you are not selected for a random audit. [img]/images/graemlins/smile.gif[/img]

dakine · #9 01-23-2005, 01:23 PM

[ QUOTE ]
What is the best way to file taxes that contain gambling winnings? Any posts on this?

also.... how do you prove gambling losses?

sly

[/ QUOTE ]

Check out this link.

http://www.greatstuff4gamblers.com/P...temNumber=1337

It aint free but it may be worth the purchase at least for the information.

LaggyLou · #10 01-23-2005, 11:38 PM

[ QUOTE ]
Here's a better question for you. How will the IRS know you made this cash money if you don't report it and don't make big lump-sum deposits in your bank or make large purchases incongruent with your reported income?

[/ QUOTE ]

Um.... ok