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.