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Gambling With an Edge - Mail Bag 3/14/2022

Gambling With an Edge

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Is Your Gambling Log Important?

Your gambling log for tax purposes is the record. So if there was some discrepancy with the IRS, what's important is your log. Attribute wins and losses to the wrong people. If a casino thinks your win is $45,000 greater than it is, that increases the chance of being backed off somewhere down the road.

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