Posted: Oct 22, 2005 By: Winifred m. Wolford

Subject: Gambling Winnings v Losses

Comment: I wish to point an a gross inequity in Irs regs regarding subject. On slot machines any winnings over $1,199.00 must be reported, losses are deductible up to the amount of winnings, IF, IF you itemize !! I am a widow with a net income of $2,150. per month, with approx $200. a month available for clothing extra meds and entertainment. I rent, so no mortgage insurance, there fore this year I will have to pax taxes on the $2,000. I won. I believe I should be abole to deduct my losses up to my winnings without having to itemize. Your comments please.