It is not a matter of what is or isn't turned in to the IRS. It is only a matter of paperwork. If you have gambling winnings whether above or below $1200 they are taxeable. If you have losses the same year they can be deducted against winnings if you itemize deductions.
larsonsm <larsonsm@yahoo.
won't even get into the fact that I'm paying full taxes as an
expatriate living abroad (since we can thank Congress for that) but
dealing with the IRS is a nightmare. The latest was 2 letters
(duplicate for my wife since we file jointly) mailed overseas to tell
us we still owe 40 cents on our 2005 taxes - which of course isn't even
correct! Good use of taxpayer dollars!
Steve
--- In vpFREE@yahoogroups.
wrote:
>
> Does anyone know why the IRS discriminates against the slot players
by recording and sending the IRS winnings above $1199.99 and not
sending winning info on say blackjack or craps players? If I
understand correctly the blackjack player can win millions and that
info is not sent to the IRS while slot players are turned in for
anything above $1199.99. I know life's not fair but that is a glaring
inconsistency, isn't it?
>
>
> ------------
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>
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