http://www.taxabletalk.com/2009/12/28/a-loss-for-the-taxpayer-but-a-win-for-gamblers/ From Russ Fox, E.A., of Clayton Financial and Tax of Las Vegas, NV. All of the items below are for information only and are not meant as tax advice. Please consult your own tax advisor to see how each item impacts your own situation. Fri, 03 Feb 2012 02:18:00 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.taxabletalk.com/2009/12/28/a-loss-for-the-taxpayer-but-a-win-for-gamblers/#comment-170 Ernie Mayhorn, EA Wed, 30 Dec 2009 18:46:23 +0000 http://taxabletalk.com/?p=2673#comment-170 Remember that the court allowed the netting of losses against wins for that specific session, which is the first time I've seen them rule this way. You cannot net the years losses against that day (if you don't itemize), but they did allow for a session reporting (net session win) to be used as the reported gaming income-a huge win. Remember that the court allowed the netting of losses against wins for that specific session, which is the first time I’ve seen them rule this way. You cannot net the years losses against that day (if you don’t itemize), but they did allow for a session reporting (net session win) to be used as the reported gaming income-a huge win.

]]> http://www.taxabletalk.com/2009/12/28/a-loss-for-the-taxpayer-but-a-win-for-gamblers/#comment-169 A Loss for the Taxpayer but a Win for Gamblers | KEYTLaw Tue, 29 Dec 2009 14:34:20 +0000 http://taxabletalk.com/?p=2673#comment-169 [...] out of the casino with $1600.  The IRS sent the taxpayers a Notice of Deficiency for $2000.  The taxpayers argued that they should be able to net their losses from their other trips to the casi....  That argument fell flat with the Tax [...] [...] out of the casino with $1600.  The IRS sent the taxpayers a Notice of Deficiency for $2000.  The taxpayers argued that they should be able to net their losses from their other trips to the casi….  That argument fell flat with the Tax [...]

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