There is no reason to stress out. The very simple solution is to put $150,000 in winnings on your 1040 and then put $150,000 in gambling losses as an itemized deduction. Most people do this and have no problems with the IRS. If the extra $100,000 in gross income causes you a lot of problems ($150,000W2s - $50,000 session wins) you can use the session method, but you may run into problems getting the IRS to agree. Miss Craps reported serious difficulties with the session method. You need to decide if you want the potential problems with reporting in this manner.
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Posted by: cy4873@hotmail.com
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