the tax issues of FP, tournaments, drawings. It is a VERY gray area and
many players (and their tax preparers) have to make a decision based on
their individual interpretations and the total way they file their taxes.
For example, someone filing as a professional might do it differently than a
recreational player.
So, just because you think something is "unfair" or that it went down one
way at one casino, this doesn't mean that your experience is necessarily
typical or "right" for someone else. It may just be your opinion, not an
IRS ruling. So I warn others not to take "opinion" posts as "law" in the
matter of taxes and gambling.
In my tax book, Marissa and I warn over and over that every person has his
own set of facts and circumstances. We do not give definitive "rules" in
these gray areas, but give a range of possible ways one might deal with a
particular issue. Then you have to use that information to decide - or help
your professional preparer decide - how to handle these gray-area items.
________________
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
------------------------------------
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