[Nomad84]

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I think he means tax records. PT is good, but you are supposed to have written records of each session. I am also curious about what info is needed, since I haven't been keeping written records either.

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It's my understanding that the only reason you'd ever need to provide written records is during an audit. I think it's a pretty safe bet that if you ever get audited a download of your PT database to a spreadsheet will suffice as record keeping. PT certainly meets and exceeds the requirements of sufficient record-keeping.

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I'm just basing this off of other threads I've read recently. One pro was apparently audited and only had PT records. I'm not sure what happened about that year (I assume PT was good enough) but he was told to keep hand written records in the future. I believe he was audited again the next year to ensure that he met the record-keeping requirements, but I'm not sure. This is all third-hand information, so it may or may not be correct.

One other problem with PT is that it doesn't include bonus or rakeback info. I may be wrong, but I feel like any bonus or rakeback earned during a session should be included in the session results. If I lose $100, but earn $30 in rakeback and $100 in bonus, I would view that as a +$30 session. Considering bonus and rakeback separately would result in a -$100 session and +$130 in other related income.

I don't know how much of this is correct. Hopefully my CPA will be helpful, but I'm not counting on it.