This is a discussion on Audit Info on BOL and SB within the online poker forums, in the Poker Rooms section; I am in the middle of an audit and I need a record of where I have been spending money. What is the info on
I am in the middle of an audit and I need a record of where I have been spending money. What is the info on BetOnline and SportsBetting? I need exact addresses and phone numbers. Any help would be greatly appreciated. I hate dealing with the IRS!
not sure what info you are hoping to find . if you are a losing poker player and hope to find evidence of losses you might be able to use SharkScope , OfficialPokerRankings or one of the other similar sites that track player results . don't try to fool the IRS though !
So they pay taxes to the United States? So the US government are well aware that they operate here?
I need specific addresses and phone numbers. I was ask specifically by the IRS to track it down and can't find the info.
The troubling thing is that I've emailed them several times and nobody is getting back to me? I also have tried to initiate live chats and I never get anybody. I don't understand what the big deal is. It's a business like any other. I'm just looking for simple info.
They are privately owned that's all I could get.
Their payments are processed by a company in Panama called Itagui Investments, Inc. that's the name I get on my statements from them.
Your best bet is to ask someone on live chat I normally get through with a rep in 2 mins. Explain the situation and reasoning for the info they will hopefully help you out.
Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.
The IRS requires you to keep a diary of your winnings and losses as a prerequisite to deducting losses from your winnings. This includes:
horse and dog races
casino games poker games
and sports betting
Your diary must include:
the date and type of gambling you engage in
the name and address of the places where you gamble
the people you gambled with
and the amount you win and lose
Other documentation to prove your losses can include:
canceled checks or credit records
and receipts from the gambling facility
Limitations on loss deductions
The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years.
Reporting gambling losses
To report your gambling losses, you must itemize your income tax deductions on Schedule A. You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. This means that if you claim the standard deduction, you are still obligated to report and pay tax on all winnings you earn during the year. However, you will not be able to deduct any of your losses.
Only gambling losses
The IRS does not permit you to simply subtract your losses from your winnings and report your net profit or loss. And if you have a particularly unlucky year, you cannot just deduct your losses without reporting any winnings. If the IRS allowed this, then it's essentially subsidizing taxpayer gambling.
The bottom line is that losing money at a casino or the race track does not by itself reduce your tax bill. You need to first owe tax on winnings before a loss deduction is available. Therefore, at best, deducting your losses allows you to avoid paying tax on your winnings, but nothing more.