Re: [vpFREE] Tax question number 1,565,876

 

Someone wrote:  <<Several tax preparers have each given different "advice". I am an attorney but have no knowledge of tax law.  My best opinion is that all gambling winnings are taxable and the jackpot tax form is not some separate taxable trigger but rather since both his legitimate diary and casino records show a total LOSS for the calendar year he need not report any "gambling win", since he has none.>>

Sorry, but your "best opinion" could cause your cousin big trouble with the IRS and lead to a lot of paperwork - plus possible financial penalties - to get it fixed.  This is the most basic error gamblers can make.  I talk about this exact situation on page 62 in the new updated 4th edition of my book "Tax Help for Gamblers." Your cheapest way to get accurate information might be to invest $15 in this book - or just $9.99 for the eBook.  Or, maybe it is in the library although I'm not sure  most have it yet because it just came our a couple of days ago.

Sorry if this sounds like I am trying to push the sales of this book, but I have been writing for 20 years trying to save gamblers money - it is an obsession I can't control that pays way below minimum wage!!!!  :)

Jean Scott

The Frugal Gambler



 

 


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