Originally Posted by
Alan Mendelson
I don't see any reason to release any income besides gambling winnings. As for Schedule C deductions, the only deduction that would matter is what is listed as losses to either offset or wipe out reported wins. Other Schedule C deductions such as travel, food, books, postage, utilities, etc aren't at issue. This would mean that the Schedule C would constitute the same "bottom line" as someone who just reported gambling wins and losses on a Schedule A.
Frankly, if there was just a way for the IRS to send out only Schedule A and Schedule C forms it's all we would need.