Re(5): Gambling Winnings/Losses
Posted on July 10, 2007 at 04:20:09 PM by Tiger

Your accountant is trying to simplify things, but he is technically wrong. I think he's just assuming that your record keeping isn't up to the task, and is looking for the easiest way out, to stay under the IRS radar.

Whether it is or isn't a signer doesn't matter - ALL winnings, any size, are taxable income. If you itemize deductions, you can also deduct losses, but only up to the extent of your winnings.

But, in order to look reasonble to an auditor, your betting history would need to show other winnings (surely, your 'signer' wasn't the ONLY time you won).

You probably won't get audited, anyway. It all depends on the local office and how many other 'flags' you have.

Replies:

• Re(6): Gambling Winnings/Losses - By Gator July 11, 2007 at 11:06:04 PM
  • Re(7): Gambling Winnings/Losses - By Tiger July 12, 2007 at 07:03:05 AM
    • Re(8): Gambling Winnings/Losses - By Gator July 12, 2007 at 01:34:21 PM