It is an exciting atmosphere. The lights, the dings, the bells, the swirl of spinning wheels, there is nothing as electrifying as being in the midst of a casino – even if you are not a gambler, the environment is charging. Several states are home to casinos, race tracks, jai alai frontons and other gambling-centered entities. I am told that there are professional gamblers who earn their living by knowing their craft. In fact, several sports networks now feature world and international poker championships.
A gambler, as legendary musician Kenny Rogers once sang, must know when to hold them, fold them, walk away and run. A good gambler and even the not so great gambler should also know how to keep accurate records for tax reporting purposes. I know what you’re saying, you just want to play a few slots, bet a couple of hundred on the blackjack table and every once in awhile place a bet on the sure thing at the horse track. You want to play and win, or play and try to win back the money you just lost. I understand. But I also understand that in order to enjoy the benefits of being a winning gambler, you have to be prepared to deal with taxes.
Keep records, make notes of amounts bet, amount loss and won. There are actually some tax breaks if your losings surpass your winnings; however with no records you are hard pressed to prove anything. Most importantly, recognize that gambling can be addictive and detrimental to your financial standing; so play wisely and never gamble with necessary funds i.e. rent/mortgage/home payments, your child’s savings, college funds or emergency money.
