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THAT
DREADED TIME FOR THE YEAR IS ON THE HORIZO. It's April
l5-the deadline for filing income taxes. For countless gamblers
it's decision time. How much did I win and lose and did I keep records?
For others,  it's
not so simple-they can't remember what's deductible, where the receipts
are or how to prove they lost more than they won.
But like
the sound of the William Tell Overture signaling the appearance
of the day-saving Lone Ranger, Gambler's Book Shop announces the
arrival of the 2001 edition of The Tax Guide for Gamblers
by Roger Roche and Yolanda Smulik Roche (67 pages, 8x11 spiralbound,
$29.95). Packed with advice and sample forms, the book contains
four major sections:
Tax Basics
for All Gamblers;
The
Rules for Recreational Players; �
The Rules for Professional Players & the Origins;
Structure of Tax Law
For those who
are worried about the importance of keeping records, the book outlines
why and gives definitions of gambling winnings and losses. Specific
games like the slots; bingo; racing and sports betting; table games
and keno are included. The authors follow up with material on group
wagering; special rules for poker tournaments and bad debts.
Recreational
players (those who play occasionally as a hobby) are obviously in
a separate category than professionals. Those differences are outlined
in a separate section.
Professionals
are another matter and the IRS pays more attention to this category
for obvious reasons. The authors explain the case law that established
the rules; tax benefits of being a pro; how to file as a professional;
the deductibility of gambling-related expenses; what your responsibility
is in paying taxes as a proposition player; gaming partnerships
and corporations. In addition the author compares which might be
better-being a professional player or recreational player.
Almost a dozen
sample forms are included in the book, to clarify which ones should
be used by what type of player.
Overall, this
is a fine time-saving book to be used by the person smart enough
or brave enough to do his or her own taxes or to assist a professional
which still needs a bit of reference material to make it all come
out right for you come April 15.
This book
is available from Gambler's Book Shop, 630 South 11th Street, Las
Vegas, NV 89101. Add $6.50 postage if you are ordering by mail.
You
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