Discussion:GAMBLING LOSSES: SUBMIT PROOF WITH RETURN?
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| Revision as of 10:51, 1 April 2009 Numbers1040 (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 13:00, 1 April 2009 Chris2lane (Talk | contribs) (I have had clien) Next diff → |
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| {{ForumNewPost|UserID=Numbers1040|Date=1 April 2009|Text=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.}} | {{ForumNewPost|UserID=Numbers1040|Date=1 April 2009|Text=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.}} | ||
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| + | {{ForumReplyPost|UserID=Chris2lane|Date=April 1, 2009|Text=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. }} | ||
Revision as of 13:00, 1 April 2009
Discussion Forum Index --> Basic Tax Questions --> GAMBLING LOSSES: SUBMIT PROOF WITH RETURN?
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. | |
