Interesting post and a reminder to us all about keeping good gambling records. From what I've read here, what info the auditor wants to see can vary greatly. Of course it's most important to file your return correctly in the first place.
I highly recommend the book Tax Help for Gamblers. You can buy it from shoplva.com (among other places) as a regular book or an e-book.
--- In vpFREE@yahoogroups.com, "Ted" <ted.troccola@...> wrote:
>
> I am wondering what everyone does to prepare themselves for a possible IRS audit.
>
> I keep track of all wins and losses (date and amount).
>
> I either bring cash with me or use markers when I go to play. If I'm up, I pay the markers off at the casino. If I lose the entire marker, I'll let them withdraw it from my account after my 2 week grace period.
>
> I have 7 jackpots (WG-2s) for this year.
>
> I have several thousand dollars in losing lottery tickets from this year.
>
> I have accumulated 60,000 Tier Points at Harrah's Atlantic City (95% are from playing VP). As you probably know, they provide a W/L statement at the end of the year.
>
> Am I prepared for an audit?
>
> If not, what am I missing?
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