Gambling winnings

[spencer]

Client has a W2G.. No problem, we've entered it. Client also has "Patron Estimated Carded Activity for 2009". Slot win $81,000. Slot wager $84,000. Comments please.
An estimated carded activity thingie. What to do...Thanks!

[Peachie]

Just being logical--

I know, notjing is logical in taxes--I see a $3,000 loss for "other income" line. I can't wait for the other responses.

[spencer]

Don't think that can happen

I know, notjing is logical in taxes--I see a $3,000 loss for "other income" line. I can't wait for the other responses.

If acknowledged, winnings probably go on 21, but total wager goes on Sch A

[thomtax]

Wagers limited?

I may be wrong, but are the amounts spent for wagers not limited to the amount of winnings? Of course with the W2G that may make more available for write off.

LT

[Peachie]

Of course

If acknowledged, winnings probably go on 21, but total wager goes on Sch A

you are correct Espencer. I knew that. My being silly when it was uncalled for. Total Winnings to total losses on 21 and A.

[spencer]

Yup

I may be wrong, but are the amounts spent for wagers not limited to the amount of winnings? Of course with the W2G that may make more available for write off.

LT

That's what I was thinking

[spencer]

You can be silly

you are correct Espencer. I knew that. My being silly when it was uncalled for. Total Winnings to total losses on 21 and A.

That may help keep us sane. i was just too ................to pick up on it.

[taxea]

Before I entered any of the amounts from the Estimated statement, I would have the client get actual figures...if he used the casino card there is no reason for estimates. What if the estimates are wrong...Depending on how much the 1099g says he won the estimated losses, if actually more than what they are saying could be helpful.