--- In vpFREE@yahoogroups.com, "the7thwarrior" <Judy@...> wrote:
>
> How are you doing is an EASY answer.
> According to the IRS for most of us, it is the result what happens between Jan.1 thru Dec. 31.
>
> Since you can't carry losses forward, nor "save" winnings for another tax year.
>
> So... how are you doing is ALWAYS a yearly result.
>
I agree 100%. That's how I think too. I either owe approximately 30% of what I am "ahead" to Uncle Sam (which I keep in mind at all times) or I am behind an amount which I am double angry about since I can't claim it against last year's win.
My only suggestion for "saving" winnings is to leave cashback/freeplay in your account(s) until a future year. As long as you are consistent in claiming all proceeds in the year collected, I have not heard any strong argument that the IRS finds this practice unacceptable.
