Yes, I know – you are dreading this weekend – you can’t put off doing your taxes any longer!
Is some of this dread due to puzzling gambling issues? Should you finally consider filing a Schedule C for your gambling “business”? Should you take the standard deduction or itemize so you can write off your gambling losses? What should you do about the 1099 forms you received that are connected to fantasy sports activity or casino tournaments – add them to your W-2G forms? What about your W-2G’s from another state showing they took out state taxes – any way to get that money back? Can I use casino win/loss statements to get figures to use on my tax return since I didn’t keep a gaming diary?
I know some of you are struggling with these questions because you are writing to me in private e-mails about them. However, as much as I feel your pain and would like to help you out, I cannot give you specific answers for your particular cases. There is almost never one-fits-all answer – so much depends on your individual set of financial facts and circumstances.
However, I can give you the name of a resource that can help guide you through the IRS swamp – Tax Help for Gamblers. In this book Marissa and I discuss all the above issues and many more that a gambling taxpayer may face. And fortunately you can get this resource in a matter of minutes since it can be downloaded online and at a very frugal price – $7.99. It can be ordered through iTunes, for the Kindle at http://www.amazon.com/Tax-Help-Gamblers-Poker-Casino-ebook/dp/B00SJVGEA2, and for the Nook at http://www.barnesandnoble.com/w/tax-help-for-gamblers-2015-edition-jean-scott/1121099157?ean=2940149948819. And if you feel your tax preparer isn’t personally knowledgeable about gambling issues, you can suggest this book to him/her.