In the opening paragraph Bob writes about accumulating at least $7500 in W2Gs and being "about even". I am conservatively estimating $7500 as the six taxable jackpots he said he hit x $1,250 for each. The actual amount was no doubt higher.
Now, imagine having an entire year that played out this way. Lots and lots of play, and you break even. After all, if you are playing a game that pays you back almost 100%, you could end up the year "about even", couldn't you?
The problem, of course, is those W2Gs you are accumulating along the way.
I keep a fairly detailed record of my gambling. It shows when and where I played (machine number included), what I won or lost, and a separate tally of W2Gs that I know I must meet or exceed on my tax return reported as other income.
I've never been audited. But I sure wonder if it doesn't look suspicious to report, say, $300K as gambling winnings and then later itemize $300K as gambling losses. Even if those numbers are accurate and substantiated.
Does anyone know if there is a threshold in gambling winnings above which suspicions are raised?
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