GodFather
Level 8
03-20-2024
06:54 AM
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Client went on an online gambling binge. Has nearly $365,000 in winnings. He provided confirmation that his losses exceed his winnings. He has a full time job besides his online addiction so he is not a professional (in his mind he may be) Gambling problem? Who am I to judge.
Anyway, please confirm my understanding that there is no need for me to enter all 64 W2-G's individually. I summarized the amounts in the spreadsheet and just plan to enter one W2-G with the total amount of the winnings using 12/31/2023 as the date. I'll show the total losses (up to total winnings) on Schedule A. I assume adding the spreadsheet as a pdf is useless?
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