The Problem

TAXES!
The PROBLEM is that Gamblers voluntarily pay too much income tax!

WHY?
Because of incomplete and inaccurate gambling records.

When audited by the IRS, the IRS disallows their gambling losses because no paperwork is available to prove the amounts.

PROVE IT! or LOSE IT!

The Myths

Gamblers frequently rely upon myths, urban legends and bad tax advice when it comes time to prepare their individual income tax returns.

Some of the more popular myths are:


MYTH #1:
I can use my Player’s Reward Card to prove how much I spent gambling


MYTH #2:
I can use a win/loss statement from the Casino to prove my gambling losses.


MYTH #3:

I am only required to report the winnings reported to me by the casino.


MYTH #4:

I do not have to report my winnings from gambling from an Internet website, in a foreign country or while in international waters on a cruise ship.


MYTH #5:

Since I have more losses than winnings, I don’t need to report anything to the IRS.



MYTH #6:

The IRS will accept whatever amount I report for gambling losses especially if they do not exceed the amount of my gambling winnings.


MYTH #7:

I can use my ATM receipts (or bank statements) to prove how much I spent gambling.


PROVE IT! or LOSE IT!

The Solution

The use of a Gambling Tax Diary that meets the requirements of IRS Revenue Procedure 77-99 will allow a Gambler to substantiate their gambling wins and losses.

PROVE IT! or LOSE IT!