<<Although Jean Scott says that I'm one of few people who had problems with getting IRS to accept the "session" method of wins and losses, when I had my problems and posted on the board, I only heard from other people who also had problems.? I heard from only 1 person who successfully used this method - and he had to go through the appeals process to get it accepted (almost all the way to tax court).? So I believe my warnings are strill correct.>>
It is a fact of life that people who have trouble with something will be more likely to publicize it than someone with whom it was a "nonevent." Plus most people do not want to share their financial business with other members on this list. So your one experience doesn't "prove" your point. Plus you had several issues on your return besides the "session method" - which made it more complicated
<<If any of you have used the session method and successfully got the IRS to accept this method when questioned about it, within the last 5 years, please post.? I'd love to know if Jean is correct that the IRS auditors can be convinced to accept the session method - when used by individuals (not those filing as professional gamblers).>>
The key here is "when questioned about it." Most people are never questioned about it in the first place. And if they are, they are first just sent a "letter," and a simple letter of explanation written in return will usually solve the matter. This is the common experience Marissa has with her clients. Yes, sometimes it takes more phone calls and more complicated measures, but that is not the "usual" way it plays out.
Marissa and I discuss this issue in two places in the book, including in Chapter 7 - "Audits and Other Scary Tax Problems for the Gambler" where we look at the problem in depth.
One fact you are also overlooking is the fact that some people do not have the choice to use their W-2G figure as their "win." They live in a state that taxes gross gambling wins and doesn't allow deductions. And even if you live in a state that does not have a state tax, your W-2G amounts may be so large that it would cost you major penalties because of a big increase in your AGI.
Miss Craps, I know you mean well. But you are giving out tax advice based just on your one experience. In the book we cover the multitude of variables plus Marissa gives some information based on her wide experiences with MANY gamblers and their returns. But in the end, she and I keep repeating that you need to talk to a professional about your unique personal circumstances.
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Jean $�ott, Frugal Gambler
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