Gambling Winnings and No Sched A

[Lantis]

My client has $1,200 in gambling winnings but not enough deductions for a Shed A. Is there any other way to off set the winnings as income?

[MBTS]

From all that I've read, No.

[mastertaxguy]

session losses

1. Possibly session losses may reduce the winnings.
2. See the TTB update for an item about proposed IRS procedure on session losses.

[TAXNJ]

Schedule A

My client has $1,200 in gambling winnings but not enough deductions for a Shed A. Is there any other way to off set the winnings as income?

See Schedule A instructions.

Also if Professional Gambler refer to the TTB and/or the IRS site

[TAXNJ]

INFO ON PROFESSIONAL GAMBLERS for the future

See Schedule A instructions.

Also if Professional Gambler refer to the TTB and/or the IRS site

hopefully you can open this link:

https://www.legalmatch.com/law-library/article/taxes-on-gambling-earnings-and-losses.html

[DonB]

See a problem?

hopefully you can open this link:

https://www.legalmatch.com/law-libra...nd-losses.html

From this link: "Non-Professional: For individual taxpayers who are not professional gamblers, gambling losses are miscellaneous itemized deductions subject to a 2% adjusted gross income (AGI) limitation." They got this one wrong!!

"While there are various tax preparation companies and software programs on the market that may help you with your tax questions, they cannot provide the same level of service that an experienced and knowledgeable tax attorney can."

[DonB]

Session Losses

IMO the session loss method is impossible to back up for the average casual gambler. One would need a detailed diary for every session during the tax year. Has anyone seen a gambling diary from a non-professional gambler?

[TAXNJ]

Correct - NO FREE LUNCH

From this link: "Non-Professional: For individual taxpayers who are not professional gamblers, gambling losses are miscellaneous itemized deductions subject to a 2% adjusted gross income (AGI) limitation." They got this one wrong!!


CORRECT - Just found the author's site and e-mailed the author about their article. So much for FREE advice. Always have to watch out for that [I]"no free lunch".
It pays to do your own research.


As far as:

"While there are various tax preparation companies and software programs on the market that may help you with your tax questions, they cannot provide the same level of service that an experienced and knowledgeable tax attorney can."

You should also include "experienced and knowledgeable" Accountants and Preparers

HERE IS A BETTER REFERENCE:

http://www.irs.gov/taxtopics/tc419.html

[David1980]

IMO the session loss method is impossible to back up for the average casual gambler. One would need a detailed diary for every session during the tax year. Has anyone seen a gambling diary from a non-professional gambler?

Yeah, I've seen one for a slots player.

[Jiggers]

Check out "Shollenberger v. Commissioner" and "Chief Counsel Memorandum 2008-011". Also the new proposed regs implementing the procedures mentioned in these two.

The key is the annual detailed report from the casino.

You have to do a worksheet that shows the winnings per day, the losses per day. You can't deduct the losses on days that you have a net loss. You do have to report the days with winnings in excess of losses. In other words, you can't just report the W-2G.

The other alternative is to just report the W-2G.

[TAXNJ]

Jigger Good research

Check out "Shollenberger v. Commissioner" and "Chief Counsel Memorandum 2008-011". Also the new proposed regs implementing the procedures mentioned in these two.

The key is the annual detailed report from the casino.

You have to do a worksheet that shows the winnings per day, the losses per day. You can't deduct the losses on days that you have a net loss. You do have to report the days with winnings in excess of losses. In other words, you can't just report the W-2G.

The other alternative is to just report the W-2G.

Jigger, good research. Interesting court decision. The importance of documentation, documentation

http://www.ladyluckdiary.com/more-information/quick-brief/quick-brief-shollenberger-v-commissioner/