pesach kremen royalflush2222@yahoo.com wrote ...
Subject: Re: Re: $1200 W2G
I don't see a problem of moral superiority - If you are a casual player and your losses are more than your wins >and you itemize they wipe each other out and you will lose something to the adjusted gross income effect but if >you keep records of your sessions th elosses will be small.
The 'and you itemize' is a huge and. Lots of people don't itemized and pay tax on a 'win' that doesn't put any money in their pocket.
Depending on the number of sessions, the AGI effect can be significant. I wouldn't just dismiss that part of the discussion.
pesach kremen royalflush2222@yahoo.com later wrote ...
To answer the question - the small tips I ignore the deduction, the large ones I put on the W2-G or other paper >and have the recipient sign them. I give this along with all my personal records and my W-2's to my accountant.
I still don't get how you deduct tips if you are not filing as a professional gambler. Where does the tip expense go on your tax form? As losses?
ยทยทยท
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