Just read an email from CPA Daily that the Tax Court (T.C. Memo 2009-306 ruled in IRS favor re offsets of wins versus losses concerning casual gamblers. Definitely warrants further review. One issue mentioned as consideration was that taxpayers elected the standard deduction.
Bob
www.ustaxcourt.gov/InOpHistoric/SHOLLENBERGER.TCM.WPD.pdf
[Non-text portions of this message have been removed]
This case and other similar cases have supported the general approach that net wins and losses are determined using each trip to a casino, not each session at a machine. The ruling specifically supports the taxpayer's claim that the amount of reportable gambling winnings was less than the amount reported on her W-2G. The court denied her claim that she could deduct gambling losses that occurred on other trips without itemizing her deductions.
The only thing new I see here is actually in the players' favor. The IRS conceded that $1100 (the net win of the day) was the "gambling win," not the $2000 reported on the W-2G.
Cogno
-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf
Of Robert Romanyshyn
Sent: Wednesday, December 30, 2009 9:08 AM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Recent Tax Court Ruling on wins vs losses recognition
Just read an email from CPA Daily that the Tax Court (T.C. Memo 2009-
306 ruled in IRS favor re offsets of wins versus losses concerning
casual gamblers. Definitely warrants further review. One issue
mentioned as consideration was that taxpayers elected the standard
deduction.
Bob
That is because the tax payer kept records & proved the net win figure , just as some of us and the IRS been saying for years.
This court case added nothing new. Keep records.
M J
--- In vpFREE@yahoogroups.com, "Cogno Scienti" <cognoscienti@...> wrote:
The only thing new I see here is actually in the players' favor. The IRS conceded that $1100 (the net win of the day) was the "gambling win," not the $2000 reported on the W-2G.
Cogno
> -----Original Message-----
> From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf
> Of Robert Romanyshyn
> Sent: Wednesday, December 30, 2009 9:08 AM
> To: vpFREE@yahoogroups.com
> Subject: [vpFREE] Recent Tax Court Ruling on wins vs losses recognition> Just read an email from CPA Daily that the Tax Court (T.C. Memo 2009-
> 306 ruled in IRS favor re offsets of wins versus losses concerning
> casual gamblers. Definitely warrants further review. One issue
> mentioned as consideration was that taxpayers elected the standard
> deduction.
> Bob
>
> www.ustaxcourt.gov/InOpHistoric/SHOLLENBERGER.TCM.WPD.pdf