Lower denominations (5/25cent)

[notes1]

 back around 2007, when i first started, played $1 machines (now only twenty five cents), had 2 royals same year. got tax forms for $8k and never kept records. did some research and found what many are stating, one needs to keep a log (what a pain).  my accountant said he had dealt with this before and win/loss statements would likely be ok. i filed using the w/l, saved a lot of tax.   maybe i just got lucky, never audited for this. my guess is, when the IRS is after you, they are going to find something. as reported recently, IRS audits are much less likely than in the past and i doubt they are really concerned about small time gamblers. they concentrate their efforts on the big money. higher rewards for the same effort. plus, they are not stupid, they know someone who gambles on a  regular basis, is probably a loser.

[VP_vp]

I think there's some news that the limit MAY be reduced to $600. Probably in an effort to recoup more taxes... I think it'll just increase the paperwork.

http://www.reviewjournal.com/business/c ... eshold-600