Re: This should end all of the false claims about paying US taxes on p
Russ,
As a professional tax preparer, how do you advise losing recreational gamblers to report their gambling winnings/losses?
For example:
If someone takes a weeklong trip to Vegas, where they play fifteen sessions of blackjack, with a total of $10,000 in winning sessions and $11,000 in losing session, would you force them to report that $10,000 as income and then give up the standard deduction in order to offset this in losses?
What about someone who buys lottery tickets every day, with $1800 in losses and $600 in wins. Do they have to pay tax on the $600 if they want to take the standard deduction?
I think 95% of these people don't have any record of their "sessions". Aren't most people who do any gambling violating the law when they prepare their taxes?
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