no
···
--- In vpFREE@yahoogroups.com, "Valerie Pollard" <vpollard@...> wrote:
I have many W2G's from last year - my accountant always lists them separately on the electronic return.
Does anyone know if this is necessary?
DIAD ?s
No $ limit, but you can only deduct up to the amount of your reported winnings
interesting i didn't know you could list the total amount. i been doing it the long way listing all w2g. also i was wondering if there is a limit to how much you can deduct as losses.
>I have many W2G's from last year - my accountant always lists them separately on the electronic return.
>
>Does anyone know if this is necessary? Can you just put in the gross amount and keep the W2G paper copies as reference?
>I know there are people who have a heck of a lot more of them than I do, and I can't imagine those being listed separately.
>
>Or does anyone know where to look to find this out?
>
>Thanks!
>ValerieThis is probably one of the many areas where it doesn't matter, so you
might as well do what's easiest. I've known many people who have been
asked by the IRS why they put a total figure of W-2gs that's less than
what casinos reported to them, but I've never heard of anyone even
being asked why they put a total figure, as I've done for almost 30
years, rather than list them separately. I did someone's taxes a few
years ago electronically, though, and I recall not being able to put a
total figure, so I listed them separately.
[Non-text portions of this message have been removed]
···
--- In vpFREE@yahoogroups.com, Tom Robertson <007@...> wrote:
You can claim losses up to the amount of your
wins as an itemized deduction on a Schedule A.
Ernie Mayhorn, EA
···
At 08:58 AM 1/18/2012, you wrote:
interesting i didn't know you could list the
total amount. i been doing it the long way
listing all w2g. also i was wondering if there
is a limit to how much you can deduct as losses.--- In
<mailto:vpFREE%40yahoogroups.com>vpFREE@yahoogroups.com,
Tom Robertson <007@...> wrote:
>
> >I have many W2G's from last year - my
accountant always lists them separately on the electronic return.
> >
> >Does anyone know if this is necessary? Can
you just put in the gross amount and keep the W2G paper copies as reference?
> >I know there are people who have a heck of a
lot more of them than I do, and I can't imagine those being listed separately.
> >
> >Or does anyone know where to look to find this out?
> >
> >Thanks!
> >Valerie
>
> This is probably one of the many areas where it doesn't matter, so you
> might as well do what's easiest. I've known many people who have been
> asked by the IRS why they put a total figure of W-2gs that's less than
> what casinos reported to them, but I've never heard of anyone even
> being asked why they put a total figure, as I've done for almost 30
> years, rather than list them separately. I did someone's taxes a few
> years ago electronically, though, and I recall not being able to put a
> total figure, so I listed them separately.
>
[Non-text portions of this message have been removed]
Mayhorn and Robertson have answered more than adequately. FWIW, I used to report each W-2G separately. However, the last two years I've reported one summary W-2G for each casino.