I am curious why the IRS would ask for a casino win/loss statement.
The last I checked..no one is required to use a slot card and
therefore the casino would not be able to generate a win/loss
statement. Also, even if you did use one - how is anyone sure that
the person using the slot card is actually the owner of the slot
card. Ever leave your slot card in a machine and when you realized
it - you come back to find someone is playing on the machine with
your card it in still and they don't even realize it? I have made
that error a few times especially when rushing off to a dinner
reservation, etc... The win/loss statement is the one that really
surprises me. Many Indian casinos will not provide that
information.
--- In vpFREE@yahoogroups.
>
> --- In vpFREE@yahoogroups.
> >
> > I recently was picked for an IRS compliance audit (Las Vegas
> office,
> > 2006, Form 1040). Big honor, huh?
> >
> > Among the (many) items the agent has asked to see are gambling
> records,
> > including my gambling diary, W2-G forms, casino win/loss
> statements,
> > markers, casino checks, etc.
> >
> > I have read a lot of general suggestions and interpretations of
tax
> law
> > and regulations here in the past. Has anyone had actual first-
hand
> IRS
> > audit experience that they are willing to share, here or
> privately?
> > Thanks!
> >
>
> Did you have a larger number of W-2's. Was there a big jump in your
> income from previous years. I am always curious about why one would
> be singled out. Also surprising is how quickly you have been
selected.
> In the past they usually send a letter for an audit for a return a
> couple of years old. They must be able to do quicker audits now.
It's
> actually in the IRS best interest to try to audit returns 3 years
> old. That is more trouble for the taxpayer as he has to pay for
bank
> statements. Also it is more likely the taxpayer has misplaced
records
> which gives the IRS a better chance to collect money. The less
> records the person being audited has reduces their chances of
winning
> the audit.
>
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