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Read the instructions for Sch A
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?
If your state does not allow for losses, you could get banged on the total coin out.
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.
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.
@jjmcgiii48 are you a tax professional?
yes
Read the instructions for Sch A
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