Ok. I didn't say I like how it's reported, or how the adjusted gross income is used, but even if I don't get W-2Gs I'm still going to keep records and report what they consider winning sessions. The whole system seems convoluted to me but I want to do what the IRS wants. And then I'm going to itemize, the standard deduction doesn't help me. And I probably would not play video poker in one of the several states that doesn't allow losses deducted against wins. That's crazy. Thankfully I don't live in one of those.
---In vpFREE@yahoogroups.com, <harry.porter@...> wrote :
---In vpFREE@yahoogroups.com, <bobbartop@...> wrote :
W-2Gs or not, you're supposed to pay income tax on income. Playing for stakes that does not generate a W-2G is not an excuse to avoid reporting profit.
True, but recall that what's at issue is the requirement to report W-2G's as gross winnings, even in absence of a net casino win, for those without sufficient deductions to warrant filing a Sch-A (not avoiding income tax on actual net winnings).
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Posted by: bobbartop@yahoo.com
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