Chris said:
IRS regulations actually tell you to report gambling wins on line 21 not W-2Gs. But surprise surprise ... The IRS doesn't follow their own regulations because most people just report their W-2Gs. You need to explain to them that you are just following their regulations and reporting the actual wins from your gambling records. You also want to include a list of your W-2Gs so they know you are including all your W-2Gs. I believe some gamblers have been succesful in using this method and I will probably give it a shot for 2014.
I understand what you are saying, Chris, and it makes perfect sense to me. That is how I would like things to be. From all I read, the IRS has no hard and fast rules and no real precedence has been set. Things have been (purposely?) left very vague. Anecdotally, it seems as if IRS audits depend on the individual conducting the audit and that they vary considerably.
Thanks for your very clear explanation. I'd like to know how things work out for you in the 2014 tax season. Good luck to you!
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Posted by: bornloser1537@yahoo.com
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