RE: [vpFREE] Tax question number 1,565,876

 

Heh. Yes, it defies common sense, but unfortunately this has been well-litigated. Wins go on line 21, losses go on Sch. A, and if you don't itemize you're out of luck.

 

Cogno

 

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Monday, March 18, 2019 4:54 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Tax question number 1,565,876

 




 

 

Well he did it your way, since it is only $100 difference.

I think it is wrong.  The government taxes "income".  If you can prove you are a net loser for the calendar year you have no gambling income; regardless of whether you itemize or not.

Income is taxed, not W-2 forms. Under your idea if someone goes to the casino ten times a year and loses $1000 nine visits but wins $1000 on one visit they will have to file as a $1000 winner!

This is pure sophistry.

Some entry level IRS clerks may be getting away with this nonsense. If someone pushes the issue-and IF they have the proper documentation-this would be laughed out of court.  Of course for minimal amounts of money no one wants to go through the trouble, which is what they are banking on.




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Posted by: Cogno Scienti <cognoscienti@hotmail.com>
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Re: [vpFREE] Tax question number 1,565,876

 



Well he did it your way, since it is only $100 difference.
I think it is wrong.  The government taxes "income".  If you can prove you are a net loser for the calendar year you have no gambling income; regardless of whether you itemize or not.
Income is taxed, not W-2 forms. Under your idea if someone goes to the casino ten times a year and loses $1000 nine visits but wins $1000 on one visit they will have to file as a $1000 winner!
This is pure sophistry.
Some entry level IRS clerks may be getting away with this nonsense. If someone pushes the issue-and IF they have the proper documentation-this would be laughed out of court.  Of course for minimal amounts of money no one wants to go through the trouble, which is what they are banking on.

__._,_.___
Posted by: melbedewy1226@hotmail.com
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (5)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

SPONSORED LINKS
.

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