Re: One More Tax Question
Mkay, Tm's definitely wrong. No answer that includes netting will get credit. I am also not a tax expert but I plan on paying taxes this year, so I've at least done that much research. [img]/images/graemlins/smile.gif[/img]
If you weren't filing jointly, your winnings (the total of all winning sessions) would go on the front, and your losses (the total of all losing sessions) would go in deductions.
If I understand correctly, she'd be able to deduct losses equal to her winnings, but nothing more than that.
Filing jointly, the real question is, can she deduct more than she won just because there are other gambling winnings in the family? I think that would be a reasonable assumption, since the government actually sees married filers as a "single unit" (and allows her student loan deduction, for example, to be applied to your combined gross income, whether or not she would have qualified for it by herself).
But again, the only valid advice is "go talk to someone who isn't guessing about what the government would find reasonable, permissible, or forgivable". And let us know what you find out.
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