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Originally Posted by Seattleallstar
So I finally went down to the IRS to get to the bottom of this, guy at his computer recrunched the numbers told him I certainly lost more than i wont but that you can only deduct the losses up to the amount won. So final verdict after 10 minutes of inputing things into his IRS computer, is that since I dont own any property, pay any other taxes, no state income tax, and basically nothing else. It wasnt enough to offset the taxes from the reported gambling income's taxes. He was like all ready for my check, and im like I didnt come here with the intention of paying, he had a good laugh and was like I understand and I am sorry. I should pretty much trust the IRS?
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Honestly, I have no idea what you just said. So, are they making you pay more or not? Are they taking your word for it that your losses equalled your winnings or do you have to show proof? Are they going to audit you now, or basically are they asking you to fork over a few hundred bucks?