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    Keep gambling records for easier filing in tax season

    20.05.12 -->

    When you resign yourself to doing your income-tax return, remember to look for your gambling records while rummaging around for the mortgage statement, student-loan paperwork and W-2 forms.

    Gambling records? Who keeps gambling records?

    Under federal law, any gambler who wins money or other prizes through a casino, lottery, online play, home game or an illegal game in the back room of the corner bar. If you walked away from even one session with more than your buy-in, Internal Revenue Service rules say you must report it as income.

    "Gambling winnings are fully taxable and must be reported on your tax return," says the IRS, which requires taxpayers to report all sources of income, legal or illegal.

    Jean Scott, the video poker guru and "Queen of Comps" who co-authored "Tax Help for Gamblers," says gamblers should make a habit of tracking their wins and losses.

    "You're gambling enough when you're in the casino. You don't want to gamble then on the IRS by not having good records," she says.


    Source: Tribune Review

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