* -- officially.

With Tax Day upon us again, I want to dust off the main points made in an article I wrote last year, based on an interview with Russell Fox, an enrolled agent in California who specializes in taxes and gambling. And here's hoping you had a 2008 where you actually have something to claim; that means you won.

Action: What losses can you claim?

Fox: There are two basic points about the U.S. tax code as far as gambling: You can never have losses that exceed your winnings, and that includes professionals. But you can take as an itemized deduction your losses up to the amount of your winnings. The other major point, which creates audit situations, is insufficient records. You absolutely should keep a gambling log.

Action: How do you do that?

Fox: Buy a small notebook and write down the date, the casino name, the table number, the game you're playing, the start and end time and the results, and you have met the IRS requirement. If you play online, do the same thing, but keep a spreadsheet.

Action: At what minimum would you begin reporting gambling wins? $50? $10,000? Isn't $600 a magic figure?

Fox. All gambling income is taxable - even $1. Many people believe that $600 is a "magic figure" because most Form 1099s must be issued when someone is paid $600. However, just because you don't receive a tax form doesn't mean you can exclude income.

Action: What flags the IRS?

A. First, if you claim losses that exceed your winnings. That's prohibited under the Tax Code. Second, not claiming gambling winnings. Not claiming income you have is called tax evasion, and if it's significant enough you can be criminally prosecuted for it.

For the more dedicated gamblers, Fox has more at his web page.