Re: [vpFREE] Re: Can't deduct winnings against losses, IS it true??

 

Thanks for the folflow-up, Jean.  I fully appreciate the considerations involved -- it's easy to envision that the suggested thread might easily take a turn where people ask for input on situations specific to themselves.  It's inappropriate to look to you, or anyone else in this group, for individual tax advice (even in areas where you're fully qualified to comment).

I also recognize that such a thread might easily go "off the rails" through well-intentioned, yet half-informed, input from other group members (such as myself ;) ).

Nonetheless, if your contributions are limited to posts that illuminate the background details and general considerations behind what's presented in the book, I see much potential value.  Plus, I'd hope that the discussion might highlight valuable content that might prompt players who can benefit to delve deeper.

Unless someone beats me to it, I'll start a thread with the suggested title "Tax Issues" and pose a couple of generally-targeted questions that arose as I read select passages from "Tax Help".  (I'm gearing up for a couple of weeks "on the road", after having broken from play the last 6 weeks to attend to personal matters, so it may be a day or two before I respond.)


---In vpFREE@yahoogroups.com, <queenofcomps@...> wrote :

Thank you, Harry, for a positive review of "Tax Help for Gamblers."


I am hesitate to open a discussion about taxes here on this forum. First, it can get pretty long and involved.  Simple questions usually require long answers.  I don't have unlimited time to spend on this - I do still play VP!!!  :)  But more importantly I have to be careful not to get into legal areas - I am not a lawyer. And although it would be nice for Russ for enter into the conversation, he has a very busy practice and would not have the time for it.  And he would be the first to say to many questions, "That depends on your individual circumstances of which I do not know the details."

I doubt that I could clarify any portions in the book - that would probably run into mostly "it depends."  We tried to take many of the thorny issues and give a number of possible ways gamblers and/or professionals might cope or interpret.  Remember, some issues are so nebulous that different IRS employees will give different opinions.

If someone wants to start a thread on "Tax Issues," I will comment/answer/discuss when I can.  I always read all posts.  But I don't want to be considered the "final-word expert." 

Jean Scott


 

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Posted by: harry.porter@verizon.net
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