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Old 10-14-2010, 10:01 AM   #15
Spiderman
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Join Date: Aug 2007
Posts: 1,481
Quote:
Originally Posted by Robert Goren
I had some signers in the 60s, so I know the code has not change on how to declare losses. You can bitch all you want about the tax code for gambling, but it is not going to change to make it easier to deduct losses. If it does change it, it will become harder. One more thing, if you try to deduct losses be sure you know what you are doing. The IRS has a certain way they want it done. The first year you do it an audit is very likely.
I would welcome an audit. The ADW Summary report shows $2,200 in overall loss for the year. No system for reporting can be more onerous than the existing code.
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