My ne'er do well cousin is 44 years old, delivers pizza for a living and spends all his excess money on cigarettes and beer. He makes barely enough money to file a tax return and obviously does not itemize.
For the last several years he has taken his parents on a weekly basis to the local casino. The parents are upper middle class, pay reasonably high stake slots and itemize- with their jackpot wins easily offset by their total losses. They also keep a diary as does the son, at their insistence. They throw him $200 to play with. Sometimes he scratches up a 20 dollar bill or 2 to add to his stake. They then go to a restaurant in the casino before heading home.
Back in August he hit an Adorned Peacock jackpot for about $1250 and got a tax form. However both his diary and the records from the casino show that he is, even when factoring in the jackpot, a LOSER for the year.
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.
Any comments welcome.
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Posted by: melbedewy1226@hotmail.com
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