The PROBLEM is that Gamblers voluntarily pay too much income tax!
Because of 3 main reasons. (A gambling diary can only fix 2 of the reasons. Your Congressman will have to fix the 3rd reason.)
- Gamblers don’t accurately track, report or deduct their gambling losses.
- When Gamblers are audited, the IRS disallows their gambling losses because no paperwork is available to prove the amounts.
- The required method of reporting gambling winnings on Page 1 of IRS Form 1040 and reporting gambling losses on IRS Schedule A adversely impacts a Gambler’s “Adjusted Gross Income.” (For more information, please read the article entitled “The Gambler’s AGI Penalty.”)
Reasons #1 and #2 can be summed up this way: PROVE IT! or LOSE IT!
Gamblers frequently don’t understand or ignore the magnitude of the PROBLEM because they mistakenly believe one or more of the Gambling Tax Myths.
According to the IRS, the best way to solve the PROBLEM is to use a gambling diary such as the Lady Luck Gambling Diary: Slot Machine Edition!
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