In a message dated 02/24/05 11:13:55 AM Pacific Standard Time,
vpFREE@yahoogroups.com writes:
Subject: Re: A Win/Loss Tax Question
"and their state tax people will get hold
of a copy of the statement and say "wait a minute - this says you had
$2,010,000 coin in and $2,000,000 coin out. That must mean that you
had 2 million dollars in casino winnings. And since you can't take
Schedule A deductions in this state, that means you owe state taxes
on all 2 million dollars. Pay up!" For this reason alone I stay as
far away from those casino win / loss statements as possible. "
Good advice Don't send any support unless it is needed to explain
an issue to head off a possible audit.Also both federal and State
have a legal obligation for "reasonable income Reconstruction"
if not then appeal.Keep your head up all of the tax system is
not to persecute gamblers.If you won a million and had a 100,000
withold and say you lost million with no source showing on the
return for the 100,000 you didn't have to lose then a chimpanze
with an adding machine can hit you with an audit.
Dave E.A. in California
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