It defies reason why the government has any W2G reporting requirement anywhere. Does anyone ever actually pay tax on any such amounts reported?
They'd have to be pretty much of a dimwit not to offset losses against wins on their return.
I guess the government makes out on the one in a billion chance multimillion dollar payouts, but I think they have set the bar ($1,200) a tiny bit too low.
Anyway, the tax system is supposed to be an honor system, as demonstrated by all the Presidential appointees who have been found to be, shall we say, deficient on their past tax filings. I mean, it proves it works, except for those we already know have no honor.
Maybe they should change the W2G requirements to include only politicians and lawmakers and leave us little guys alone. :flame: