One thing no one has posted to....coin out is NOT necessarily the same thing as winnings. For example, I put a 20 dollar bill in the slot machine. I play one spin and lose my 75 cent bet. I cash out. On my player card sheet it will say coin out, $19.25 coin in $20. By your reckoning you would put a $19 'win' on line 21 and the same 'loss' on Sch A. But it is really just a 75 cent loss with NO wins.
Attitude
Collapse
X
-
Yes, this is a good thing to remember. That is addressed in the memorandum. If you put in your own money you could be taking out your own money, so to speak. I will find out if a breakdown by visit can be obtained. Then we'll know more where we stand. I will try to put in a favorable light and will not offer to give her papers back right away.One thing no one has posted to....coin out is NOT necessarily the same thing as winnings. For example, I put a 20 dollar bill in the slot machine. I play one spin and lose my 75 cent bet. I cash out. On my player card sheet it will say coin out, $19.25 coin in $20. By your reckoning you would put a $19 'win' on line 21 and the same 'loss' on Sch A. But it is really just a 75 cent loss with NO wins.
This is an area however, that undocumented statements won't work (I feel). In other words, her saying each and every visit was a loss. Or very few visits were overall wins. I'm anticipating all possible things before speaking to her.JGComment
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Comment