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💰 Casino Win/Loss Statement and CP2000 - General Chat - ATX Community

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Gambling Winnings and Deducting Losses. In gambling, there are winners and losers... But even the winners can be losers if they don't pay their taxes! Click to Play!

165(d), G may deduct his wagering losses and nonwagering gambling-related business expenses only to the extent of his gambling winnings, ... Click to Play!

This means any gambling winnings would be taxable. You would not be able to deduct any gambling losses at all if you don't use itemized ... Click to Play!

Gambling Winnings and Deducting Losses. In gambling, there are winners and losers... But even the winners can be losers if they don't pay their taxes! Click to Play!


Gambling tax hits SSA payouts — even when you lose - MarketWatch


Gambling winnings are fully taxable and you must report the income on your tax. You may deduct gambling losses only if you itemize your ...
In either case, the gambler tax deduction for gambling losses for both professional and casual gamblers is limited to the amount of gambling winnings.
Also be aware that the deduction for gambling losses is limited to your winnings for the year, and any excess losses cannot be carried forward ...


Gambling With an Edge - Russell Fox


Ask the taxgirl: Gambling Winnings and Losses 路 Taxgirl Gambling win/loss deductions


For instance, you can continue to deduct gambling losses, up to the amount of winnings, on 2017 returns and beyond. The TCJA did, however, ...
Tax Deductions on Gambling Losses Under Threat in California,. established that gambling winnings should be classified as “earned income.
In either case, the gambler tax deduction for gambling losses for both professional and casual gamblers is limited to the amount of gambling winnings.



Ask the taxgirl: Gambling Winnings and Losses 路 Taxgirl


gambling win/loss deductions
Learn the rules for reporting gambling income -- and losses -- on your tax return... tax on all your gambling winnings, with no deduction at all for your losses.
165(d), G may deduct his wagering losses and nonwagering gambling-related business expenses only to the extent of his gambling winnings, ...

gambling win/loss deductions Client did not give me all of her W2G forms from 2015 and received a CP2000 letter.
It is broken down by month.
I doubt she kept a session diary but will ask her.
She is not responding to my calls and emails today.
Probably busy at the casino.
She is required to respond by April 26th.
Probably going to Las Vegas.
How in the world do Click the following article prepare a response?
I am asking for the first time abatement of penalties.
Any advice would sure be appreciated.
She can only use the losses incurred on the same day of the winnings reported on the W-2G.
Losses go on Schedule A, not subject to 2% and not greater than the winnings.
If there is not enough to itemize, then the deduction for losses is lost.
Not weekly, monthly, or annual.
Most likely, the CP2000 is correct.
Is this something new?
Years ago, I had a client with the same problem - CP2000 for unreported W2G forms.
Who thinks I should refer her to a nice tax attorney and fire her?
Demand that she get the daily record from the casino so you can properly prepare the return or file with no losses.
Then wish her luck and sleep well.
B; Your client isn't under audit.
Prep the 1040x, with the Sch A.
If the IRS wants more, let them ask for it.
Don't worry about proving daily wagering losses.
That is all there ever was.
B; Your client isn't under audit.
Prep the 1040x, with that eucasino iskustva are Sch A.
If the IRS wants more, let them ask for it.
Don't worry about proving daily wagering losses.
That is all there ever was.
So you think Gambling win/loss deductions should ignore the tax court ruling and just throw information at the IRS?
This will guarantee further correspondence and headache.
I would NOT give that advice, nor ask the client to sign such a return.
B: Your client goes to the casino.
uk statistics gave you "some" of her W-2G's, but not all of them.
What did you do with the first batch when you prepped her 2015 return?
Accept that her losses were the same as the winnings?
Sure, because she did.
Slots are for losers.
The Casino can provide more detailed reports if you need them.
This happened to me about 3 years ago.
A taxpayer left a few gambling win/loss deductions W-2gs when I prepared his taxes.
This is what I did: I prepared 1040X and report all W-2g on page 1 then I went to schedule A and reported that same amount and I sent the IRS a letter from the tax payer stating: Dearisimo IRS, In response to your CP2000 letter dated September 20, 2030, enclosed please find: 1.
In support of my 1040X, let me state that I do not play table games, I only play slot machines and those computerized machines keep accurate records of each time I make a wager and I press the spin button.
If you need additional information, please do not hesitate to contact me at the address above.
Pacun Gambler We never heard from the IRS again.
Do think the IRS will challenge me in court and say.
Then the judge will look at the statistics and see that the casino always win.
I just fired her via email.
I referred her to a very good tax rep guy who likes to gamble himself, and apologized profusely for my incompetence in not being able to adequately represent her with so much at stake.
She came in late, she lied about the gambling and knew she should have told me, and she took the advice of "the casino people" without mentioning a thing to me.
What else is https://gothailand.info/gambling/gambling-addiction-diagnosis.html hiding?
She's a disaster waiting to happen and I kissed her goodbye, nicely.
I could handle a smaller at-risk amount, but when the wagers and wins are over a half a million dollars, that's a bit much.
Good move at this time of year, well, anytime of year is good for firing a client who cannot tell he truth.
You have your suspicions and gambling win/loss deductions good judgement.
I've never dealt with a professional gambler as a client but wouldn't they be able to deduct expenses?
Given the amounts, I'd venture to guess that she is a gambling addict.
I feel sorry for her.
Given the amounts, I'd venture to guess that she is a gambling addict.
I feel sorry for her.
Table games not every play gets recorded and its easy to "game" the system.
An ex-client of mine comes in with a few thousand of winnings and hundreds of thousands of losses.
He was a school teacher.
Here is how he does it.
He has a line of credit established at many different casino's.
Now the 3rd week he goes to casino C and borrows to payback casino B.
This was many years ago and I doubt it would work now because the casino's share information.
Join the conversation You can post now and register later.
If you have an account, to post with your account.


Gambling With an Edge - Russell Fox


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Rules concerning income tax and gambling vary internationally. Contents. 1 United States. In the United States, gambling wins are taxable.. Essentially, in order to qualify for a deduction of losses from wagering, the taxpayer can only deduct ...


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