Jean published a copy of the reg here about 1-2 weeks ago. If you can't finds and want a copy e-mail me privately.
Subject: [vpFREE] Help! IRS says I owe money
Has anyone else dealt with this problem?:
- In 2007, I kept a pretty good gambling journal, which showed winning days totalling about 32K and losing days about 38K. I filed a 1040, noting the 32K in earnings but itemizing 32K (only up to my winnings).
- Well, today I receive a letter saying I owe $1,700! They added up the W2-G's and it comes to 38K, above the 32K I reportedly won. This part is true, HOWEVER, they only see teh w-2G's and not the losses that came immediately after being paid those jackpots. I mean, it's possible to win a 4K royal jackpot and then within hours blow that entire sum back playing $5 VP. So net for that day is zero, not 4K.
I can file a response, they say, with documentation. Should I file my complete journal for that year with an explanation on the cover sheet? Or can I take it to an IRS office?
Or am I screwed?
Help!
Thanks.
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