I'm sure many of you have had sign-ups over the past years. My accountant tells me that a recent case has changed the way I should determine gambling wins and losses.
http://www.journalofaccountancy.com/...m?action=print
I usually am lucky to have one a year and it usually is small enough that the government does not withhold money but I always write off the win. As proof of my losses I have old tickets from the track and my betting records from ADWs. Actually my ADW play, this year, did not show a big enough loss so I would have to use tickets to justify not being taxed.
I noticed the article refers to casual gambling. I play over a 100 days a year but my handle is only in the 6-7 K. Is this still casual?
Just wondering what you folks do? Anybody have a similar problem?
Sorry I posted initially this in the wrong forum.