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REPORTING GAMING ON INCOME TAX

Greetings

I recently did my taxes on TurboTax. i used the premier version which is quite inclusive. I do not remember being prompted for my gambling W/L totals.although I had a loosing year by a wide margin Do you think they will audit me anyhow? . I did have one 2000 dollar hit.

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<<I did have one 2000 dollar hit>>

You MUST include that in your income. There is a 99.9% possibility that if you don't you will receive a bill from the IRS that includes interest and penalties. If you itemize, you can write off $2000 in losses. If you don't itemize, you will just have to accept the fact that it is part of your income and you will be taxed on it with the rest of your income.

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________________
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/

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