Discussion:GAMBLING LOSSES: SUBMIT PROOF WITH RETURN?
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Discussion Forum Index --> Tax Questions --> GAMBLING LOSSES: SUBMIT PROOF WITH RETURN?
Numbers1040 (talk|edits) said: | 1 April 2009 |
| Client has $100k+ in gambling losses to offset $120k gambling winnings; client has casino stubs showing withdrawals from client's account paid out in CHIPS that client used to gamble with which presumably ended up as losses. My question is, is it wise to submit the photocopies of the stubs to document the losses with the original return, or is it better to not submit the stubs and wait to see if the IRS requests documentation? I'm not sure if submitting the stubs of chip withdrawals as documentation of losses will elicit more questioning. | |
Chris2lane (talk|edits) said: | April 1, 2009 |
| I have had clients with much larger winnings and losses than $100k (Atlantic City casinos are only 45 minutes from my work) and have never sent in proof of losses on their tax return. If IRS isn't asking for it, I'm not attaching it. | |
| 1 April 2009 | |
| Also, most professional gamblers refer to Chips as "Cheeps" (give it sort of a Mexican flair). Whether this started with the famous "Cheeseburgie, Cheeseburgie, Cheeseburgie....Cheeps" skit, I don't know. But, I wanted you to be able to throw the lingo if necessary. | |
TheTinCook (talk|edits) said: | 1 April 2009 |
| Nah, I wouldn't bother with sending that stuff. That kind of stuff just gets tossed with the processing of the return, or so I hear from some of the IRS and antedeluvian accountant types 'round here.
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| 1 April 2009 | |
| Do you send documentation in to substantiate dependents, charitable contributions, real estate taxes, etc? Why would you for gambling losses? | |
Numbers1040 (talk|edits) said: | 1 April 2009 |
| For items that are unusually large (excessive medical or charity) sending documentation with the return can avoid an examination, whereas they may not only question the large item but other items as well, so sending this in with the return may satisfy them on the issue and avoid an examination. | |
| April 1, 2009 | |
| The IRS does NOT want you to attach documentation to the tax return. They will let the taxpayer know when they want to see receipts, etc. | |
| April 1, 2009 | |
| Read the top left paragraph on page 14 of Pub 17: | |
Death&Taxes (talk|edits) said: | 2 April 2009 |
| Attach a Kindle reader for them. | |
| 2 April 2009 | |
| Ahh, these Kindles kindle nothing but rage in me. We will end up putting all our knowledge on these kindly Kindles, and then the technology will become "non supported", what then?
The ole book has stood us in good stead since the 1500's let's keep it. Best technology ever invented was the book. Tincook: I have been a very sucessful gambler. Primarily because I have only been to a gambling house 3 times in my life. I even did pretty well with lottery tickets, but the laws of probabilty seem to have caught up with me, and I'm in the middle of a 2 year draught. | |
| 2 April 2009 | |
| Try not sending in documentation for Sec. 1341 repayment on line 68. On some issues, IRS most definitly won't process without documentation.
Anyone else know of an instance when docs were required before processing? | |
Death&Taxes (talk|edits) said: | 2 April 2009 |
| You best attach every computation when you send in a 1045. | |
