Originally Posted by
Aslan
First, the IRS has to know or suspect that you gambled.
The average person who gambled during the year does not file his wins and losses from casino visits, office pools, football cards, sports bets, home poker games, etc. The vast majority of these people lost money overall and probably none of these kept a journal. Their risk of IRS audit is next to nothing. Also, their paychecks, bank accounts, and purchase records testify to the fact that they received no windfalls during the year, not that they would ever be called upon to show these.
Keeping either a journal or other adequate documentation, or both, is essential to anyone gambling as a business, as good record keeping is essential to any business enterprise.
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