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The Chip Board Archive 02

Re: Year end Tax Question
In Response To: Re: Year end Tax Question ()

Well I'm amazed. I keep records, starting total, ending total, win/loss for each session at each "game". But I never knew I had to track table numbers as well. Sheesh, more record keeping nightmares.
Maybe a loss of $8000 would throw out a red flag, but with mine being $20-$100 total (I don't play slots except to kill time) I think I could get a wave off on the minor detail.
Since I've never had enough winnings in a calendar year to worry about offsetting losses, it's a matter of excercise and something to do while I'm drowning my losses and playing Keno for a buck a game. <G>

I even keep track of chip purchases, but we all know there's no profit in that. Maybe I should keep track of losses in case some IRS audit decides I'm in business because I sold about 20 lots on eBay and two items at the club auction. Lets see... $754 in purchases, sales of $98, hey the IRS would be on my side!

But the simple and important part is that profit and loss from gambling can only be matched for the same calendar year. Last year and next year have no relationship or meaning.

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