Record Keeping for the Tax Man

[Jim the Tolerable]

What records do Professional Horseplayers need to keep for the IRS? In case of audit (which seems likely) would the records we keep for ourselves suffice? Is there a set of rules to go by?
Thanks in advance.

[Donnie]

Jim-
At the HTR seminar in Vegas in July, Handicapper/Former Horse Owner/HTR Subscriber Mike Mayo gave an EXCELLENT presentation covering your question in great detail. I believe I have his handouts somewhere around here, but you may get a quicker response if you ask on the HTR board. (www.htr2.com) If memory serves me right, Mike has been audited twice by the IRS concerning his horsey earnings.

[stu]

I would definitely recommend that you read Walter L. Lewis' "Gambler's Guide to Taxes: How to Keep More of What You Win." You can find it at the local Barnes and Nobles or Borders as well as Amazon.com.


Take a look at the thread below:

http://www.paceadvantage.com/forum/showthread.php?t=45480

[Overlay]

From the horse's mouth (so to speak):

http://www.irs.gov/taxtopics/tc419.html