This fictional example shows the structure of a TaxBet workpaper: session ledger, available W-2G reconciliation, loss-limitation worksheet, and filing-oriented figures for taxpayer and tax-professional review. It is not a tax return or tax advice.
A session is, at minimum, one platform and one calendar day — separated by game type where the authorities distinguish them. This sample shows ten sessions; a real report lists every session in the year.
| Date | Book | Stakes | Returns | Session net | W-2G in session |
|---|
Which sessions the forms landed in — and what those sessions actually netted. This is the table that answers a matching notice.
| Date | Book | W-2G payout | That session's net | Form vs reality |
|---|
The amended statute admits two computational readings of the limitation: cap losses at 90% and then limit them to winnings (this worksheet, $11,700), or limit losses to winnings first and then take 90% ($11,160 on this year). Which reading applies is an open item in TaxBet's verification queue. Your tax professional determines your filing position.
Full explainer: the 90% loss cap.
Schedule 1, line 8b: gambling income $12,400. Schedule A, other itemized: gambling losses $11,700 (capped). Every figure ties to the ledger above — that's the tie-out your preparer audits.
The same fictional year, filed four ways. Each column is a defensible filing position, documented; the session columns are the ones this report builds. No column is the answer — the costs and the scrutiny differ, and the preparer chooses. The federal-tax line is an estimate at the sample's assumed bracket, labelled as such.