Keeping Records - Taxes

[RoundGuy]

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Why would you need detailed records for each session

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Corrected your sentence. Answer -- because the IRS says so.

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After all I don't give detailed records for my job of how much I make each day so why isn't a week or month or year acceptable.

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Because the IRS says so.

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Can't you just say I won x amount this year.

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No. Why? Because the IRS says so.

You don't have to like it, or understand it, but you have to follow the rules anyway. Welcome to the wonderful world of paying taxes...

[I_C_ALL]

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It's generally still impossible to prove exactly what one has made.

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I think we can get pretty close with online gambling. B&M, I agree, but with online, there are electronic trails to follow. I can export to quicken and pull every deposit/withdrawal to neteller or any site. In the end, that's what the IRS will do. Follow the money and add it up.