Hi Philmasch,
Thanks for responding to my question from last year. I completely agree with your comments.
This year, my W-2 G gambling wins will be close to $100,000. Therefore, I have no choice but to forgo my standard deduction and take my gambling losses which are close to $100,000 as a deduction. Otherwise, I would have $100,000 in additional income with only the standard deduction to offset that income. Life would be a lot simpler if the IRS would increase the W-2 G threshold from $1200 to $5000 before a W-2 G is issued (accounting for 70 years of inflation). This W-2 G threshold has been in place from the 1960s and needs to be updated.
Thanks again.
