Tax Records

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Tax Records

Postby soulcards » Sun Jun 14, 2009 4:13 pm

The following is an excerpt and link to a 2008 posting regarding a 1999 article on IRS guidelines for determining wins and losses. I have not found anything more current.

The IRS rules are spelled out in Rev. Proc. 77-29 and expounded upon in Letter Rulings 8123015 and 8710006. They stand for the proposition that every single gain (less the amount wagered) for the year is totaled to determine "winnings" included in gross income under Code section 61(a) and every single loss is totaled and deductible (if applicable) as an itemized deduction under section 165(d). According to the IRS, the term "winnings" from "wagering transactions" means the payoff from each bet in table games such as blackjack, craps, and roulette and each payoff from a slot machine.

If this is true. Here are some suggestions to help ease the burden of proof according to IRS interpretation of a gambling transaction.

I believe this can be achieved under the session notes tab>games played during selected sessions.. Currently it has a colum "NET amount". In order to satisfy the IRS the following would need to be provided:

Total bet per hand and a separate column for total win per hand;
Ability to export

You don't have to tell me how insane this is, but I can feel the audit coming and have no idea what I am going to do
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