vpFREE2 Forums

A Win/Loss Tax Question

#1

In a message dated 2/21/05 2:55:05 PM Central Standard Time,
QueenofComps@frugalgambler.biz writes:

Then you add up all your losing sessions of the year
and IF you itemize you can put it on Schedule A (but only up to the amount
of the win figure). If you do not itemize, you are screwed royally,

I was wondering, why can't you itemize this loss on schedule A if it does
indeed total more than the standard deduction, even if you had no other items to
itemize on schedule A?

[Non-text portions of this message have been removed]

#2

<<I was wondering, why can't you itemize this loss on schedule A if it does
indeed total more than the standard deduction, even if you had no other items to
itemize on schedule A?>>

You CAN, but often this amount is less than the standard deduction. And, even if you do itemize, that doesn't mitigate the damage for many people because of the results of a high gross win on page l, both in federal taxes and many in state taxes. Marissa and I cover this in depth in "Tax Help for the Frugal Gambler."

···

________________________________________
Jean $�ott - Go to http://www.FrugalGambler.biz
  for VP software and strategy cards and for the
  Frugal series of books. Now is the time you might
   need "Tax Help for the Frugal Gambler."