--- In vpFREE@yahoogroups.
<tralfamidorgooglyc
>
> --- In vpFREE@yahoogroups.
> >
> > 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.
>
> I would attach a schedule titled "Net Gambling Income/Loss" and
show
> all of your wins AND offsetting losses, and the corresponding
> negative total, and enter that (or "zero") in the space for
> Miscellaneous Income. Then let them try to prove that you had
actual
> taxable income from gambling activity--they won't be able to.
>
> This is not to say that they won't try to bully or intimidate you
> into paying taxes that you don't owe.
I like the thinking. I will already have taht schedule for the feds,
so it might be worth a try. I'll definitely think about it.
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