Re: the issue of what winnings to report, as stated, all winnings are reportable, not only those that generate a W2G or 1099. The usual definition of "all winnings" is based on daily ("session") net winnings, with a lot of details previously discussed here (and elsewhere) regarding how to record, report, etc.
I am not getting into the issue of winnings being reportable and same-session losses not being eligible to offset those winnings if you don't itemize -- and I honestly don't know if you can get a W2G and report net / session winnings instead of the W2G amount if you do NOT itemize.
HOWEVER, I am always amazed at the number of gamblers who will put up a post on a site like this, pretty much admitting that they do not report winnings that do not generate a W2G. This is pretty damaging evidence to produce on your own, against yourself, on a site that is undoubtedly accessible by the IRS (if they only had a budget and the will to do so).
If you want to cheat on your taxes, that's your business, but how can one claim to be smart enough to deserve the label of "advantage player" and still be stupid enough to make a public confession of their failure to report winnings on their taxes?
And remember, taking a deduction that is disallowed is one thing; it usually results in a tax assessment, plus interest and perhaps penalty. Failing to report income is tax fraud and can result in criminal charges and possible jail time.
Good luck.
And let me be absolutely clear: I do report as required by the law, and I do agree that the law makes absurd rules regarding gambling income and losses. It is my personal opinion that other than professional gamblers (and in some states, perhaps even those?) are the only ones who can have an after-tax positive EV, even if they are pretty consistent winners (not likely in most games with variance).
--BG
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Posted by: Barry Glazer <b.glazer@att.net>
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