Starting to work on my taxes.

syka16 · #1 01-17-2006, 01:44 AM

This is my first year generating income through gambling. I've done some research and have consulted an accountant for advice on filing. I made about $40K this year mostly from SNGs but have not kept good poker logs or a "gambler's journal". I explain my situation to my lawyer and accountant. They assured me that my risk of an audit is low but as long as I have some information to substantiate my gambling losses, then I shouldn't have a problem.

I contacted the several (Poker Network) sites and requested my logs which were then emailed to me. I also have my neteller transactions recorded.

Is this pretty much all the information I need? I could really use any feedback or advice.

Thanks

Bob Ciaffone · #2 01-17-2006, 08:53 AM

Make sure you account for any money that has been transferred to your personal bank account.

Niediam · #3 01-17-2006, 05:27 PM

Why not make a reasonable estimate? I'm sure you have to have some idea of what your ROI is...

Andy Beal · #4 01-24-2006, 12:51 PM

[ QUOTE ]
They assured me that my risk of an audit is low but as long as I have some information to substantiate my gambling losses, then I shouldn't have a problem.

[/ QUOTE ]

Would you expound on this a little more? I assume you are saying they told you to file. Are you saying they said to claim it all? How to go about determining what to claim?