vpFREE2 Forums

Session Method Reporting

#1

I am aware that Ms Craps reported a horror story in her attempt to get the IRS to accept session win/loss reporting. Ii looks like this method will reduce my state taxes a great deal so I am considering it for the 2014 tax year.
  
I would appreciate hearing if anyone else has recently used this method of reporting successfully or not. The tax court case where this method was allowed is now several years old, so hopefully the IRS is more willing to accept it.
  
I still work a regular 40 hour a week job so I believe it would be hopeless to try to file a schedule C as a professional gambler.
  
Thanks,
  
Chris

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#2

I did the session method for the first time on my 2013 Federal & State
(PA) returns. Filed last April and so far so good but realize the win
figure could still be challenged - don't know how current IRS is in
checking returns.

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On Mon, Jan 19, 2015 at 2:52 PM, cy4873@hotmail.com [vpFREE] < vpFREE@yahoogroups.com> wrote:

I am aware that Ms Craps reported a horror story in her attempt to get the
IRS to accept session win/loss reporting. Ii looks like this method will
reduce my state taxes a great deal so I am considering it for the 2014 tax
year.

I would appreciate hearing if anyone else has recently used this method of
reporting successfully or not. The tax court case where this method was
allowed is now several years old, so hopefully the IRS is more willing to
accept it.

I still work a regular 40 hour a week job so I believe it would be
hopeless to try to file a schedule C as a professional gambler.

Thanks,

Chris

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#3

Ed,
  
Thanks for the reply. Did you add anything to your return to explain why your winnings were less than your W-2s.
  
Chris

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