Some people will have to tilt with the IRS – if they live in some state-tax-unfriendly states. The cost would be so great if they didn't try to go to the session method.
By the way, the new edition of the tax book (eBook only) is now available – and we covered this issue even more in detail than in previous editions.
------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
From: mailto:vpFREE@yahoogroups.com
Sent: Friday, January 30, 2015 10:22 AM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015
bl ... I've taken to heart Jean's recent advice to report total w-2g's as gross winnings, and back into an appropriate loss number that gets to your actual net win. Presumably offered in consultation with Marissa Chien, EA, I take it as a strong sign that a "netting" methodology yields a losing battle with the IRS.
Were it not for real-life consequences (tax implications), I'd be tempted to tilt with the IRS over this for sport. And when they insist that that all wins must be reported gross, amend my return to show a TRUE gross win (coin-in +/- net loss/win) ... suggesting that their literal vice means reporting all $6+ mil in machine wins last year (offset with a sched A deduction of near equivalent coin-in as "loss")
---In vpFREE@yahoogroups.com, <bornloser1537@...> wrote :
>the session method will help lower their reportable winnings.
Not to beat a dead horse (OK, maybe I am <smile>), but how many have successfully been able to argue with the IRS that their "winnings", using the session method, are less than their W2-G total?
I am not talking about individuals who file as a professional using Schedule C.
..... bl
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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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