Originally Posted by
regnis
It's like the people who say to me "my next door neighbor deducted such and such--why can't I. My response is always the same. You can deduct whatever you want--just don't get caught.
As a horseplayer I was audited several years in a row and won each time due to my detailed records. As a craps player I was never audited despite the notice requirements for wins in excess of 10K.
It is no picnic to be audited, and others whom I have represented in audits have seen the damage that is done both to their wealth and their health. But I do agree that if you have nothing, you really don't have to be as concerned as others might be. But when you have a home and brokerage accounts and toys and other things of value, you have to recognize the risks of an audit. That is not to say you shouldn't be "aggressive" in your return prep, but you really don't want an audit.