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April 14th, 2024 at 10:15:06 AM permalink
Quote: MaxFlavor

In the "Tax Help for Gamblers" book by Jean Scott, Marissa Chien and Russel Fox, they advise not to submit your session reporting log with your return. It might be a good book for you to check out.
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The session log should not be submitted if the taxpayer is reporting the full w2-g income and then claiming losses (up to the reported income) on itemized deductions Schedule A.

If the taxpayer is not reporting the w2-g income, which appears to be the case here, then the best practice is to submit a Form 8725 Disclosure citing the Chief Counsel Memorandum 2008-001, Schollenberger etc. along with the session log. Bottom line is if the w2-g income is not reported, or if less than the full amount is reported, the return WILL generate an AUR, which more than likely will require the session log to resolve.
Last edited by: UP84 on Apr 14, 2024
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April 18th, 2024 at 11:21:11 PM permalink
The easier thing is to list an amount equal to or greater than the sum of all W-2G's and deduct the losses, but not below zero, on Schedule A, if you were going to itemize anyway. Being a homeowner in California, it is fairly trivial to generate enough interest and taxes to get to that point without any help, but it may be problematic for others.
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