Gambling
Couple Win in Court
As reported by the Milwaukee
Journal-Sentinel: "A couple from Oneida
have had better luck in U.S. Tax Court than
in casinos.
"Ronald R. and Traci A. Tomko
can deduct $40,000 in slot machine losses from
their 2001 income taxes even though they did
not keep records in exactly the way the law
requires, Judge Carleton Powell ruled in an
opinion released Tuesday.
"According to the decision, casinos reported
to the government that the Tomkos had winnings
of $44,464 from slot machines in 2001. Casinos
are required to tell the Internal Revenue Service
whenever a slot player wins more than $1,200
at a time.
"Gamblers must also report such income
on their returns but are allowed to deduct losses
up to the same amount..."
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