Nice but please slow down during your explanations. I have to change the playback speed every time. I know your trying to keep these videos short but when you start getting into the nitty gritty it can be hard to follow
Overall, you're expected to report your winnings regardless of whether you have documentation for them. If you have no documentation, you're on your honor to do so. The IRS obviously doesn't care if you report income that's not documented. However, claiming losses that are not documented is a different story. You can claim them, but they probably wouldn't hold up under audit.
What about session accounting for gambling/W2-Gs?
Top of the morning coach!!
What if you become a business that gambles for profit, is there such a thing?
Why do Bingo, Keno and Poker Tournaments get lax reporting rules?
I don't know. I don't make the rules.
Nice but please slow down during your explanations. I have to change the playback speed every time. I know your trying to keep these videos short but when you start getting into the nitty gritty it can be hard to follow
what about on line betting like Draft kings. This is a tricky business. And not documented well.
Overall, you're expected to report your winnings regardless of whether you have documentation for them. If you have no documentation, you're on your honor to do so. The IRS obviously doesn't care if you report income that's not documented. However, claiming losses that are not documented is a different story. You can claim them, but they probably wouldn't hold up under audit.