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

 

Your (Jean Scott's) post on the 19th served as a reality check for me; I had contributed a couple of "shoot from the hip" posts to this thread by which, in hindsight, I'm more than a little embarrassed.  (I hope I have a track record that suggests I more typically post from solid fact rather than "informed" opinion ...)

So, yeah, I immediately set aside the tightwad within me and shelled out for the updated "Tax Help For Gamblers" (4th Ed).  I lapped up the first ed. when it was published, but have had a "been there, done that" attitude re the updates as they've been subsequently issued. 

The book arrived this morning and the topic discussion contained within is, again, a brilliant and satisfying read.

Now, I appreciate that the book contents are intended to serve as general guidance where it comes to tax reporting of gambling activity, and that readers are responsible for their own interpretation (or that of their tax advisor) when applying that guidance.  That said, in my sampling of the book I found a couple of topics/issues that I yearn to explore to a greater length.

Jean, would you be willing to open a thread here for that purpose (fielding questions that you're comfortable with, and perhaps soliciting Marissa's or Russell's input to whatever extent is feasible)? 

The intent wouldn't be to seek out pat answers, but instead, for example, provide opportunity for added context that might help clarify some discussion points in the book.

(And, as an aside, I hope no one would fault any potential "promotional" benefit that might arise as a consequence of such a thread.  Jean regularly gives (and would give) more added value to group members here through her contributions than she's ever likely to glean for herself in return. 

vpFREE mod take on this reigns supreme, of course ... deservedly.  But, I would hope a similar discussion thread would be appropriate for any gambling resource of value to the group members.)




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

I have refrained from entering this discussion earlier since I might be accused of using this forum for commercial gain. (I could make more money working at McDonalds :) )  However, although there has been some very good information given, there has also been some very bad advice.  And even some of the good information needed more details.  Short answers on tax issues are rarely helpful - there are so many exceptions and so much depends on varying personal circumstances.

So - I would like to suggest that if you want a complete discussion of these tax subjects, you can download the eBook, at a very frugal price, Tax Help for Gamblers.  I brought on board for this brand-new 4th edition Russell Fox, an EA who has specialized in tax preparation for gamblers for almost 20 years. He knows all the details of the new tax rules, and together we have included all the up-to-date regulations and court cases.  We spent many many pages discussing the biggest and most complex problem facing gamblers, the issue of how to report gambling wins and losses on a tax return.

It seems many gamblers are totally confused by varying opinions, even given by tax professionals.  Sad to say, some of them may be good in other tax areas. but have no personal experience with gambling and/or  have done no or few returns for gamblers and haven't kept up with the changes in this area. So many of them have bought this book (or a gambling client gave it to them), because Russell is a respected expert in this field.

And one last caution:  There are many tax questions that have no one-fits-all answer.  That is why in the book we often have to discuss a range of options - and then leave it to the taxpayer (+ his tax professional, if he is using one) to decide which options fit his individual circumstances.

Just trying to be helpful,

Jean Scott

 

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