 
Keeping A Gambling
Log
If you are one of
the "Lucky" people who
win money at the Casino, you may
find you aren't so "Lucky"
when you fill out your taxes. Uncle
Sam loves to share in your joy by
claiming a bite of your winnings
for himself. That is exactly what
happens each April 15th, to many
"Winners" who don't keep
a gambling diary or logbook.
When you win jackpot
over $1,200 on slot machines or
have other big wins at keno or the
racetrack, you will receive a W-2G
form. A copy of this goes to the
IRS and you are required to list
these winnings when filing your
income tax. The law allows you to
deduct gambling loses up to the
amount of your winnings. You can
only do this if you have documentation
of your loses. Keeping a diary or
logbook, is the way to do this.
Your gaming log
does not have to be fancy. You can
keep it in a small notebook that
you carry in your pocket. However
when you carry your log, you risk
the chance of losing it. Many players
I know prefer to write their daily
play in the notebook and then transfer
the information onto a spreadsheet
on their computers.
A proper log must
contain:
1) The type of game you played.
(Slots, Keno, Craps, etc)
2) The date and location where you
played.
3) Your wins and losses for each
session or game.
4) Additional evidence of gambling
activities.
Tax information does change and
I am not an accountant but this
type of log has been accepted in
the past. If you have a number of
large wins it would probably be
wise to discuss this with a certified
accountant.
Ben Franklin said,
" The only sure thing is Death
and Taxes."
We all have to pay taxes but we
don't have to give Uncle Sam any
more than we have to.
Recording wins and
losses for taxes in only one reason
to keep a logbook. If you play a
game of skill such as poker or blackjack,
you can use your logbook to access
your skills. If you are serious
about your game it is imperative
that you keep a log. Keeping records
is the only way you be able to tell
if you are a winning player or not.
Many players don't
feel that it is necessary to keep
records. If you ask these same players
if the are winners they will usually
answer in the affirmative. The truth
is that without records, there is
no way to be certain. Many players
have selective memories. They tend
to remember the big wins and will
tell you that they occasionally
lose "a little." It is
possible that these little loses
when added together will offset
the winning sessions that they remember.
The only way to be sure if you are
truly a winner is through honest
and meticulous record keeping.
Starting a log at
the beginning of each year makes
it a lot easier to keep track of
all your gaming activities. Some
players keep a separate log for
each casino game they play. This
way they know exactly where their
gaming dollars are won or lost at
a quick glance. It doesn't matter
how you keep your log as long as
you keep one.
Until
next time, remember:
"Luck comes and goes...Knowledge
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