8.3. Re: 1099's
Date: Tue Feb 16, 2010 10:24 pm ((PST))The discussion was about keeping session logs, which the IRS requires
regardless of how you feel about it. If your goal is to do as little work as
possible unless you're audited, and then live with the shit hitting the fan,
then so be it.
I agree - when someone asks how to report on their taxes, and someone tells them the correct answer, they shouldn't be miffed.
If someone says, well I "feel" differently, and someone else responds that the IRS might "feel" the opposite way because of what the law and tax regs require, I see no probem with such a response. Perhaps the "tone" could have been different, but I've seen much worse here.
I know NO data that supports the suggestion that 99% of filers do NOT file their gambling wins and losses correctly. I would guess (but it's just a guess) that most casual gamblers have no clue about record-keeping, probably keep NO records, and most likely just pay the tax on anything they get on a W2G, even if they had off-setting losses. If you have no records, what else could you do -- and the IRS would likely accept this (at a low level of tax, anyway), since it most liklely usually gives them more tax than if they went after you, and since they have no data (except perhaps a casino's win-loss statement, which is not admissible as evidence for the taxpayer, anyway) to dispute your implied claim that you didn't win anything more.
I would guess that most who are reading this list may consider themselves non-professionals, but not "casual" -- they take their games seriously, try to keep good records, and try to report correctly.
--BG
ยทยทยท
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