If any of you have used Sessions Wins & Losses and been audited by the IRS
and prevailed (were able to use them) -- as individuals (not Sch. C), can you
please write me privately? Especially helpful would be the name of any IRS
auditors or other IRS personnel involved in your final decision.
Thanks - Misscraps@aol.com
[Non-text portions of this message have been removed]
misscraps wrote:
If any of you have used Sessions Wins & Losses and been audited by
the IRS and prevailed (were able to use them) -- as individuals (not
Sch. C), can you please write me privately? Especially helpful would
be the name of any IRS auditors or other IRS personnel involved in
your final decision.
I've been keenly interested to hear what level of review your return
has been exposed to and your experience thus far.
I presume initially that you were presented with a "letter audit",
i.e. a written request for a statement clarifying one or more entries
on your return, based upon a mismatch in reported information or the
appearance that your return has been incorrectly completed,
potentially uncluding a workup of adjustments to your return based
upon initial assumptions by the IRS of appropriate corrections (with a
billing of amounts due).
Is this an accurate presumption? If so, can we assume that the
results of that procedure weren't satisfactory and that the IRS has
advanced to scheduling an in-person line item audit with an auditor?
It would be very illustrative to understand what procedures a filer
who takes an "aggressive" tax position re gambling might be subject to.\
- Harry
It would be very illustrative to understand what procedures a filer
who takes an "aggressive" tax position re gambling might be
subject to.\
- Harry
been done a lot!
go to taxcourt.gov & find out
been several cases dealing with same issues as misscraps & others
are dealing with.
that the total amount of the w2g's MUST be included on the return,
gambling income can only be offset by gambling losses on a sch a .
1099's are NOT gaming income therefore gaming losses can not be
used to offsett, however any expense accured to earn the 1099 CAN be
deducted .
Records MUST be kept & must be "accurate enough that they alone can
be used to determine the amount of income, expenses ,deductions , &
tax amount owed"
kind of vauge huh?
all of above is from numerous tax court cases & can be found at
www.taxcourt.gov
PLZ RESEARCH for yourselfs!!!
M J
Great luck to all/ tell your congressperson to change the laws &
call the bastard a lier if they claim they cant!
<<1099's are NOT gaming income therefore gaming losses can not be
used to offsett, however any expense accured to earn the 1099 CAN be
deducted .>>
This simply is not true. Gambling income is not defined as W2G amounts (although you do have to include that information) and does NOT depend on the form that is used to report it - or if no form is used at all to report it! However, you might have to "convince" an unknowledgeable IRS employee in some cases.
________________________________________
Jean $¢ott - "FRUGAL VIDEO POKER"
This new book (autographed) and other
frugal products are now available at my
new Web site, http://queenofcomps.com/.
E-mail address is queenofcomps@cox.net.
[Non-text portions of this message have been removed]
--- In vpFREE@yahoogroups.com, "queenofcomps" <queenofcomps@...>
wrote:
<<1099's are NOT gaming income therefore gaming losses can not be
used to offsett, however any expense accured to earn the 1099 CAN
be
deducted .>>
This simply is not true.
per tax court & tax regulations IT IS !!!
Gambling income is not defined as W2G amounts (although you do have
to include that information)
which was not done by misscraps
and does NOT depend on the form that is used to report it - or if no
form is used at all to report it!
almost right. while all gaming income needs to be reported
regardless of the amounts, tournaments & prize drawings winnings are
NOT gaming income per regs & the court
However, you might have to "convince" an unknowledgeable IRS
employee in some cases.
They will follow the tax code & assess th proper tax & penalties
Ms Scott i wish you follow my advice & check thisout for yourself,
could make a good book.
M J