To satisfy "due diligence" and survive potential audits, gamblers must maintain a detailed log or diary containing: Date and type of specific wager or activity. Name and address of the gambling establishment. Names of other persons present at the time.
A critical distinction exists between an amateur (casual) gambler and a professional gambler, as it dictates how income and losses are reported to tax authorities like the IRS. gambler
: Research indicates that a single problem gambler typically affects the lives of approximately six other people , including family and close friends. To satisfy "due diligence" and survive potential audits,
Amounts won or lost, supported by receipts, tickets, or statements. 4. Psychological & Social Risk Factors supported by receipts