Originally Posted by FABismonte View Post
Hi Alan:

You should consult your own tax professional. But I fear if one listed every day's winnings as income (even if there is no W2-G generated), then even if you offset later, you will be slain by the Alternative Minimum Tax. Also if you live in states like Illinois, where I grew up, you will find you cannot offset on you State tax return. That's bad when you have W2-Gs, but suicidal when you voluntarily list each day's winnings as income (which Illinois does not let you offset).


FAB
Unfortunately that's the way it is. Yes, you run the AMT risk and it also raises your adjusted gross income which will mean that your Schedule A deductions will not be worth as much.

We went over this in the discussion about Arc's tax returns.

The IRS and how it treats gambling winnings sucks.