Re: Tax Question Re: W-2G's

Donna Lantello <donnaTAKETHISOUT@xxxxxxx> wrote:

: When I returned from that trip, I called my accountant and was told that it
: was not true. I was told to request the P&L statement and that my losses
: would be written off. I was also told that you don't include the P&L
: statements when you submit your tax return; that they only come into play if
: you get audited. Can anyone here verify? In this case, I would prefer to
: attach a copy of the P&L statement in hopes that it would reduce my chances
: of being audited.

Donna,

That's true -- you don't need to include the actual P&L statement
of your losses -- you just include the losses on your Schedule A (Itemized
Deductions.) If you get audited, then you may need to support your
deduction with proof (i.e. the P&L statement.) Note that you may not be
able to deduct all of your losses if your Itemized Deductions are limited
because of your income. It's best to use a program like TurboTax or have
your accountant take care of it all.

Joe

P.S. Whoever told you that you can't subtract gambling losses from
gambling winnings was incorrect.

.

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