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Old 12-24-2004, 09:54 AM
TorontoCFE TorontoCFE is offline
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Join Date: Sep 2004
Location: Brantford, Canada
Posts: 50
Default Re: Who Reports Their Winnings As Income?

Actually, they don't have to prove you lost the money gambling.

First they may wonder why you kept gamlbing if you always lost (assuming you don't report a reasonable win rate).
Then they would perform a net worth and income analysis to see how you could afford your lifestyle given substantial, recurring loses.

A good investigator uncovers this scheme about 70-80% of the time in my experience.
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