[vpFREE] Re: Recent Tax Court Ruling on wins vs losses recognition

This case and other similar cases have supported the general approach that net wins and losses are determined using each trip to a casino, not each session at a machine. The ruling specifically supports the taxpayer's claim that the amount of reportable gambling winnings was less than the amount reported on her W-2G. The court denied her claim that she could deduct gambling losses that occurred on other trips without itemizing her deductions.

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