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Unreported Gambling Winnings Top IRS Red Flag
WASHINGTON, D.C. --
On Super Bowl Sunday, a day so special even the Grinches at the NFL smile at online gambling and casino sportsbooks, the one organization still out to ruin players' fun is the Internal Revenue Service. Winnings from gambling tops the list of income individuals illegally leave off tax forms, says accounting firm CCH, Incorporated.
Any money won gambling is required to be listed on tax filings. Money lost can be deducted, but only if detailed records are kept, including dates, games and slot machines played, locations, and amounts.
The IRS apparently assumes that, if no record exists regarding losses, players win every time they gamble. Clearly, IRS agents and those who write the tax rules have no concept of what happens in casinos and at Internet gambling sites.
John Roth, a federal tax expert at CCH, says, "If you win an informal office pool, you technically are supposed to report it. But I think (the IRS) is more concerned about Internet betting, which is easier to track through credit cards."
So remember, when things are going poorly, write it down. That way, when the IRS hears about your big score on a progressive jackpot, you can keep their grimy paws off a few dollars more of your winnings.
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