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Do You Have A Gambling Log Book?

Do you gamble regularly? Have you won anything in your endeavors? If you answered yes to the first question, the chances are that your answer to the second is also yes. As you would know, gambling is a rollercoaster ride. There are times when you will come out on top and there are times when you will be at the bottom.

For those times that you come out on top and go home with bulging pockets, you have to remember that you need to report those winnings to the IRS – or have you conveniently forgotten that fact? I think that gambling winnings are being underreported – and the IRS thinks so as well. The law, however, states that you have to pay taxes. To be more specific, the IRS requires Americans to report their winnings over $1,200 games such as slot machines, video poker, keno, and horse racing. When claiming your money, you actually are presented with a W-2G form. This form is submitted to the IRS and when tax payment time arrives, you have to report your winnings as stated in the W-2G form.

The best thing that you can do so that you can report your winnings over the year accurately is to keep a log book of your gambling activities. This will ensure that you have accurate data and that you are abiding by the law as well. Remember to be as detailed as possible and note down everything that you might need to trace your winnings.