Busted by IRS now i owe back taxes on winnings

[philcski]

Originally Posted by Seattleallstar

I got the year end summary from TVG and in addition to the amoutn wagered it shows how much I won and how much i deposited and withdrew. I thought it might pose a problem because it shows that I won even if the amount wagered is defintely more than amount won. They might say its some taxable income even if it isnt a signer, that im not sure of. But since TVG keeps track of wagers, i think i can just show the list of wagers that didnt win that will offset what was actually "taxable". Thanks for all the advice and help guys, it had really helped. I appreciate it

This is correct. You should be fine. I'm going through the same exercise with the IRS for 2006 and 2007 right now, it's a pain in the balls but we'll get through it.