The example in publication 600 is exactly how I document my sessions. I don't use the sessions that have a loss, I only sum the sessions that have a gain, just like they show in the example.
I itemize deductions. I have to report the total W2Gs on the federal section, however, I need to make adjustments to the total amount reported. Going back to my example in the first post on this thread. I walk into the casino with $100. I win a $2,000 jackpot (W2G issued), I continue playing and lose all of it except the original $100 I started with. So for THAT SESSION I have $0 gain, but I have to report $2,000 from the W2G. I need that $2,000 adjusted to $0. If I just enter $2,000 in losses in TurboTax (in the screen I am prompted to answer in the Federal return), this loss doesn't "pass down" to the Wisconsin state return.
So even though my net gain is $0, Wisconsin still shows a $2,000 gain, UNLESS I elect to use the session method. Then I can adjust my income to reduce that $2,000 gain to $0.
I understand what is required for personal record keeping (which I have) as well as the rules for calculating session wins/losses and what can be used to offset W2G wins. I just need to know how to enter this $2,000 reduction in income, for that session so that the Wisconsin state return reflects a net gain of $0 (starting cash of $100 ending cash of $100).
