Quote:
|
Originally Posted by herkhorse
I agree, it's insane. Everyone does things differently. Sometimes I just have a Racing Form, no program. Am I supposed to save every form? Maybe the IRS should post some guidelines.  |
I got this from the irs site:
"It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses."
My friend was told that is many cases but not all that what the irs was most interested in was consistency in a persons wagering habits rather than a bucket full of tickets that could easily be picked up off of the ground. He was aware of this and had both,the tickets and his wagers written in his programs.If someone only had tickets I suppose that would be acceptable as well.In any event the irs didn't bother to ferret through his losing tickets.