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Not audited by IRS but by state of KY a couple of decades ago. I had kept all losing tickets but didn’t have a day to day report detailing all wager activity. Told me without that I couldn’t offset losing tickets against the W2s.
Long story short had to hire a tax attorney and have a sit down meeting with them, otherwise it would have gone to some type of appeals court judge where I plead my case. They ended up siding with me. Otherwise I would have owed state about 25k and they “share” their notes with the IRS. Also would gone after previous years as well.
Would have bankrupted me.
Fortunately almost all my wagers are done through an ADW now so it’s easy to show my account detail if audited.
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