What makes the whole things worse and truly unfair is if you live in a
state that calculates state income tax off of your gross income on your
1040. The effect is that for the feds you can deduct your losses from
your winnings, but for the state you have to pay taxes on the GS2's
without the possibility of deducting losses. In my case, I have 85K in
reported paper winnings I have to pay state taxes on even though I have
a 6K loss for the year.
I've checked quite a bit into this and if anyone knows that I am wrong
(in this case CT), let me know.
--- 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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