mikesherman1958
Level 1
12-07-2019
01:26 AM
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W-2g not a true source of income. They were all reported within the same session the same day. This is income report on w-2g made my social security disability taxable at 85%
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Level 11
12-07-2019
01:26 AM
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Gambling is a tax-inefficient form of entertainment.
You might ask your tax return preparer whether your records are sufficient to apply the session netting rules.
mikesherman1958
Level 1
12-07-2019
01:26 AM
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My players card indicates all play in which I had w2 g's reported. Also I have win loss statement from Casino. Is this sufficient to apply the session netting rules?
mikesherman1958
Level 1
12-07-2019
01:26 AM
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I had my taxes done at h&r Block. When I tell them they seem to have no clue as to session netting rules.they tell me to call the casino and have them report it and another manner than the w2 gees that they say they must use.?
Level 11
12-07-2019
01:26 AM
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You might want to engage a tax return preparer who can determine whether your records are sufficient to apply the session netting rules.
IRonMaN
Level 15
12-07-2019
01:26 AM
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Congratulations on your winnings! But it is a true source of gross income, you need to itemize to get the losses reported. But that isn't going to make your taxable Social Security go away. The only way you are going to avoid the 85% is don't win or stay home.
Slava Ukraini!