Given the vast number of responses to this topic which I broached, I
think we should end the discussion here. We are proably boring the
other readers out of their mind. A apologize to the Administrator for
creating a monster. I want to thank all for each and every comment.
My hats off especially to Harry Porter who for whatever the reason,
best understands my line of questioning. I especially appreciate your
comments.
Now I will sit back and watch what is said on the income tax reporting
methodologies. I soon need to know which method to use. I will
certainly ask my accountant for his credentials, although he was
suggested by my stock broker who knows how nitpicky I can get. I
forgot Stock brokers can't make these recommendations. I squeezed a
name out of him against his better judgment, I meant to say. I really
would like to use the Jean Scott method. Anyway I need to make a big
payment by September 15, so I know I will decide before then. I have
copied some of the blog statements to review with my accountant and
told him to get a copy of Jean,s book and read it before we meet on
Thursday. Denny
Any Books Available etc............. End
<<I really
would like to use the Jean Scott method. Anyway I need to make a big
payment by September 15, so I know I will decide before then. I have
copied some of the blog statements to review with my accountant and
told him to get a copy of Jean,s book and read it before we meet on
Thursday.>>
I know that some of you are using my name in a good way in this thread, but
I need to explain and emphasize that this book was written as a combined
effort between Marissa and me and it is not to be taken as "God's truth on
taxes." Let me quote from the Disclaimer and Forward of "Tax Help for the
Frugal Gambler."
(Disclaimer) - "The information presented in this book is intended as
general information for the general public. Tax issues surrounding
gambling can be extremely complicated and ultimately depends upon the "facts
and circumstances" of each individual taxpayer. Please consult with your
tax advisor regarding your personal situation."
(From the Forward) - "Although the publisher has put a disclaimer in the
front of this book, Marissa and I want to emphasize some cautions here. I
am a teacher and a writer by profession; I'm not an accountant or a lawyer.
Although I try to be clear in differentiating between facts and opinions, I
want to emphasize that no one should base his or her actions solely on the
information in this book. Even though Marissa is a qualified Enrolled Agent
and has more technical knowledge in this area than I do, she would strongly
repeat that same advice. The information we give here is provided merely to
help you become more knowledgeable about some of the thorny issues in this
complex field.
"Another caution: There are limitations with any tax information written in
this (or any) book. Government tax policy is not a placid pond. It's an
ever-charging river, with treacherous rapids along the way. Even
professional tax preparers wage a constant battle to keep up to date on the
changes; most individual taxpayers don't have a sporting chance. Often, the
first versions of commercial software you buy to help you do your own taxes
have to be updated during the same tax season. This is the reason why many
knowledgeable and experienced do-it-yourself taxpayers still have a
professional look over their returns just before they submit them to the
government. As always, we advise that you should seek the advice of a tax
professional to guide you in your PERSONAL tax decisions."
This book was written to illuminate the whole subject of taxes and gambling
since there is much "darkness" in the actual writings of the IRS on the
subject. They are specific in a few ways but leave so many details out:
for, example, they mention using "sessions" but they don't explain how long
a "session" has to be. I then explain several options that people have used
and the IRS has not questioned and give my personal OPINION of the one I
think seems most logical. Marissa then adds her ideas about the ones she
thinks she would be most and least comfortable in defending before the IRS
in an audit.
Another issue, discussed at length in the most current thread here, is
whether to use sessions win/losses on your return and attach a list of your
W-2G's or to use your W-2G's as your "win" amount. For years many gamblers
have done it both these ways and the IRS has not questioned most of these
returns in either case. However, there are many definite advantages and
disadvantages to both of these ways (and we cover them thoroughly), and YOUR
PERSONAL CIRCUMSTANCES may dictate that one of these may be the one that
will be the best for you in the eyes of the IRS in case of an IRS audit.
This book merely sets down all the information that Marissa and I could find
(from IRS writings and court cases and personal experience and the
experiences of others) about all the issues so the gambler (and his
professional tax preparer) have a COMPLETE picture of the range of options
and opinions without having to do so much time-consuming digging on their
own.
The goal of ALL my writing (whatever the subject) is to give helpful
information that gamblers can use to make informed personal decisions. What
you do with any of my information is entirely up to you.
···
________________________________________
Jean $�ott
"FRUGAL VIDEO POKER" - Pre-pub
orders for this new book now taken at
http://www.FrugalGambler.biz
I fervently hope the FairTax can be implemented before
I have to face any of these problems!!!
···
--- Jean Scott <QueenofComps@frugalgambler.biz> wrote:
I know that some of you are using my name in a good
way in this thread, but
I need to explain and emphasize that this book was
written as a combined
effort between Marissa and me and it is not to be
taken as "God's truth on
taxes." Let me quote from the Disclaimer and
Forward of "Tax Help for the
Frugal Gambler.". . . . . .
<<I really
would like to use the Jean Scott method. Anyway I need to make a
big
payment by September 15, so I know I will decide before then. I
have
copied some of the blog statements to review with my accountant and
told him to get a copy of Jean,s book and read it before we meet on
Thursday.>>I know that some of you are using my name in a good way in this
thread, but
I need to explain and emphasize that this book was written as a
combined
effort between Marissa and me and it is not to be taken as "God's
truth on
taxes." Let me quote from the Disclaimer and Forward of "Tax Help
for the
Frugal Gambler."
Jean: I clearly recognize your book is an aid only. I recognize you
and your co writer are not God and especially dealing with the
Government even God might have a hard time. No lawsuit worries from
me, for sure. Your Tax book to me is like Harry Porter's answers to
mw questions on short term play. I use them as input. But the final
decision is mine and mine only. The buck does stop here. Denny
(Disclaimer) - "The information presented in this book is intended
as
general information for the general public. Tax issues surrounding
gambling can be extremely complicated and ultimately depends upon
the "facts
and circumstances" of each individual taxpayer. Please consult
with your
tax advisor regarding your personal situation."
(From the Forward) - "Although the publisher has put a disclaimer
in the
front of this book, Marissa and I want to emphasize some cautions
here. I
am a teacher and a writer by profession; I'm not an accountant or a
lawyer.
Although I try to be clear in differentiating between facts and
opinions, I
want to emphasize that no one should base his or her actions solely
on the
information in this book. Even though Marissa is a qualified
Enrolled Agent
and has more technical knowledge in this area than I do, she would
strongly
repeat that same advice. The information we give here is provided
merely to
help you become more knowledgeable about some of the thorny issues
in this
complex field.
"Another caution: There are limitations with any tax information
written in
this (or any) book. Government tax policy is not a placid pond.
It's an
ever-charging river, with treacherous rapids along the way. Even
professional tax preparers wage a constant battle to keep up to
date on the
changes; most individual taxpayers don't have a sporting chance.
Often, the
first versions of commercial software you buy to help you do your
own taxes
have to be updated during the same tax season. This is the reason
why many
knowledgeable and experienced do-it-yourself taxpayers still have a
professional look over their returns just before they submit them
to the
government. As always, we advise that you should seek the advice
of a tax
professional to guide you in your PERSONAL tax decisions."
This book was written to illuminate the whole subject of taxes and
gambling
since there is much "darkness" in the actual writings of the IRS on
the
subject. They are specific in a few ways but leave so many details
out:
for, example, they mention using "sessions" but they don't explain
how long
a "session" has to be. I then explain several options that people
have used
and the IRS has not questioned and give my personal OPINION of the
one I
think seems most logical. Marissa then adds her ideas about the
ones she
thinks she would be most and least comfortable in defending before
the IRS
in an audit.
Another issue, discussed at length in the most current thread here,
is
whether to use sessions win/losses on your return and attach a list
of your
W-2G's or to use your W-2G's as your "win" amount. For years many
gamblers
have done it both these ways and the IRS has not questioned most of
these
returns in either case. However, there are many definite
advantages and
disadvantages to both of these ways (and we cover them thoroughly),
and YOUR
PERSONAL CIRCUMSTANCES may dictate that one of these may be the one
that
will be the best for you in the eyes of the IRS in case of an IRS
audit.
This book merely sets down all the information that Marissa and I
could find
(from IRS writings and court cases and personal experience and the
experiences of others) about all the issues so the gambler (and his
professional tax preparer) have a COMPLETE picture of the range of
options
and opinions without having to do so much time-consuming digging on
their
own.
The goal of ALL my writing (whatever the subject) is to give helpful
information that gamblers can use to make informed personal
decisions. What
···
--- In vpFREE@yahoogroups.com, "Jean Scott" <QueenofComps@...> wrote:
you do with any of my information is entirely up to you.
________________________________________
Jean $¢ott
"FRUGAL VIDEO POKER" - Pre-pub
orders for this new book now taken at
http://www.FrugalGambler.biz