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Speculator Loses Two times - On account of Assessment Court

Posted by tonag43904 on December 1, 2022 at 4:16am 0 Comments

Jimmie Clemons, resigned, got a Structure W-2G detailing $44,800.00 in rewards from a gambling club. As his betting misfortunes for the year were more than $44,800.00, he announced no rewards or misfortunes on his 1040.



The Duty Court, in Jimmie L Clemons T.C. Synopsis Assessment 2005-109, maintained the IRS position that gross betting rewards should be accounted for as pay on Page 1 of the expense form, with misfortunes, to the degree of rewards, permitted as a "incidental"… Continue
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