Originally Posted by
accountinquestion
Kewl, a few days ago Don Perigon explained to you or something else that you have to get rid of your standard deductions. THen you will need to figure out what all can replace it. It is actually a significant thing and likely a net negative. Come'on man.
I read it and yes, for someone off setting a $2000 jackpot win (or 2 or 3) , they aren't going to itemize just to offset. Would probably work out better using standard and eating the tax amount, and if you were low enough income there probably wouldn't be any tax liability from that single hit.
When my partner and are were in our prime, playing VP as supplemental, we would have up to 80k in hand pays a year, so we had to offset most of that. Including using blackjack play to offset. Do you know what it takes to offset? A lot of players run around collecting year end W/L statements from casinos they lost at. W/L statements mean nothing to the IRS. They don't even accept them. But oddly what they do accept is a journal of where you played and amounts won and lost each day. You should include some machine numbers and even table numbers in your journal.
am NOT advocating anyone do anything illegal. I am just saying how ridiculous the IRS is. They won't accept casino W/L records, but will accepts a handwritten journal or record.
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