There was a thread a couple of weeks ago regarding the idea of netting of gambling winnings/losses based on a revenue ruling. Are you preparers going to continue to report gains on line 21 and losses on the schedule A if itemizing? Curious as to what approach you will be using?
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I believe that was my last question in that thread. Netting daily activity was allow in court but supporting records would need to be perfect regarding daily activity. Line 21 would show the netted figure but would cause a letter from the IRS, so be prepared. Excess other losses would go on Schedue A misc.
I believe that is where the thread left off.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.
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