Article Date:
August 2006


Word Count:
270

 

 

Court Crushes Slot Machine Winnings


Janice Spencer and her husband, Fred Egerton, believed that tax law cheated them on their gambling activity. Here’s what happened.

 

In 2002, Janice and Fred won $13,400 playing the slots in several casinos. They also lost $13,400 playing the slots. The IRS agreed with Janice and Fred that they had a zero income from the slots for 2002.

 

But a zero income does not mean a zero tax! This is what upset Janice and Fred.

 

On their 2002 tax return, the ... Log in to view full article.

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