jjm-cffsllc-com
Level 1
IRS seeking addtl tax due to not reporting gambling winnings.  Taxpayer actually had net losses and needs to file Sch A with casino report
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Just-Lisa-Now-
Level 15
Level 15

the casino reports I see have Coin in and Coin Out and Jackpots shown

How much $$ are we talking about?  Will the losses even be counted when compared to the standard deduction?


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garman22
Level 13
Level 13

If your state does not allow for losses, you could get banged on the total coin out.

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jjmcgiii48
Level 1

My client is being assessed additional tax based on unreported gambling winnings when he and his wife actually have $50,000 in losses per the Seminole Gaming Report.  When speaking with the IRS to resolve the issue, we faxed the Seminole reports, however, the IRS said we also need to send a revised Schedule A and I am not sure how to capture the losses on Schedule A.

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jjmcgiii48
Level 1

My client is being assessed additional tax based on unreported gambling winnings when he and his wife actually have $50,000 in losses per the Seminole Gaming Report.  When speaking with the IRS to resolve the issue, we faxed the Seminole reports, however, the IRS said we also need to send a revised Schedule A and I am not sure how to capture the losses on Schedule A.

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Just-Lisa-Now-
Level 15
Level 15

@jjmcgiii48  are you a tax professional?   


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jjmcgiii48
Level 1

yes

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Norman2001
Level 7

Read the instructions for Sch A

View solution in original post

George4Tacks
Level 15
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