Born loser,
Let me clarify my post on managing session wins. If you are an advantage player or not you will still have big wins, but you can manage your winning sessions to reduce the amount of wins you have to report on line 21. If it is important for you to leave with a small win whenever you can that is up to you. This will inflate your reportable wins, but not your net win or loss for the year. Most players probably don't have a tax problem because of line 21 so this is not an issue for them.
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 am also tempted to file schedule C because I think I should qualify as a professional. I don't know if I want to pick that fight with the IRS. I think my gambling is a business and not a hobby, but it will actually cost me more in taxes because of the self-employment tax.
Chris
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Posted by: cy4873@hotmail.com
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