It is true that if you keep your winnings and Loss's by the day and receive
a fair amounts of W2g"s (wins over $1199) that income on line 21 - 1040
will not match the w2g's.A note as suggested which shows that your reporting
of
gambling winnings accurately reflects the way the activity is conducted
(Business
for a sch c) is a sensible responsible one. However: Somebody must read a
note.
The vast majority of letter audits (most common type) are computer
generated.
If line 21 is less than the total of the W2g's than as far as the computer is
concerned
no match and you have unreported income. I sure a lot of the more feisty
members
of this board would have fun taking the IRS to the Supreme Court over the
next 10
years or so. I have been doing taxs for about a quarter of a century now and
have never had fun dealing with the Irs, I gamble for fun sooo I firmly
believe that a reasonable accounting of winnings can at least equal w2g's and
practically
speaking this is the first step in an establishing a reasonable reporting
method
which requires the IRS to meet their legal burden of a reasonable
reconstruction
which contradicts yours. They are like most people a lot more agreeable if it
looks
like they'll have to do a lot of work if they don't want to negotiate.
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