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Old 09-20-2009, 03:58 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,127,294 times
Reputation: 2661
Quote:
Originally Posted by cedar_bluff_tree_farm View Post
The casino is required to report to the IRS winnings above $1200. But the tax law says that all winnings are taxable, regardless of whether the casino reports them or not.

The thing is, when a person uses a players card and plays slots for example, all the winnings and losses are recorded by the casino's system. So if the IRS wanted to, they could subponea a win/loss statement from the casino and nail a gambler who "forgets" to pay taxes on non-reportable winnings.

Keep a contemporeneous record. A little book. Small date book. Write down you winnings and losings. That will take care of the IRS.
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Old 09-20-2009, 08:14 PM
 
4,538 posts, read 10,606,885 times
Reputation: 4073
Quote:
Originally Posted by jdljr View Post
If you CAN. Not everyone can. I won $3,000 in LV last year, claimed it on my 2008 taxes earlier this year, but could not offset it with losses because I don't itemize. I don't own a home so I have no reason to itemize; the standard deduction far exceeds any itemizations I could come up with.

What burned me up more than paying my taxes to the feds was paying taxes to my state for this win in LV! The money was not earned in NC, however the win was figured into the gross federal adjusted income, so thus it carried over to my state taxes. I believe there should be a way to exclude money not earned in NC from the tax form, but there was no way.
Yeah, I've had it happen three times to me on winnings from small poker tournaments. Single non homeowners without children get screwed pretty badly on taxes. Unfortunately we are not a large portion of the voting public so we don't really have any way to change that.
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Old 09-20-2009, 10:13 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,127,294 times
Reputation: 2661
Quote:
Originally Posted by JohnG72 View Post
Yeah, I've had it happen three times to me on winnings from small poker tournaments. Single non homeowners without children get screwed pretty badly on taxes. Unfortunately we are not a large portion of the voting public so we don't really have any way to change that.

It is a motivator...By your second million dollar pot you will have those deductions...count on it.
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Old 09-21-2009, 10:12 AM
 
Location: Las Vegas
14,229 posts, read 29,970,145 times
Reputation: 27686
I guess I'm 'lucky' because I haven't won anything big in years. But I don't spend much on gambling either.

Biggest win I ever had was 4K at Sunset Station. The taxes were awful. I found out later I 'should' have claimed a 4K loss to offset the win. Live and learn. Because we did have a ball losing that 4K. It was one hell of a trip to Vegas!
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Old 09-21-2009, 09:18 PM
 
4,538 posts, read 10,606,885 times
Reputation: 4073
Quote:
Originally Posted by olecapt View Post
It is a motivator...By your second million dollar pot you will have those deductions...count on it.
Nah, not exactly. I don't play tournaments anymore because I make too much at mid stakes limit holdem and don't have the stomach for the variance on tournaments with buy ins greater than $300.

Without mortgage interest deductions, I'm still on the standard exemption and didn't play enough in tournaments to overcome that anyway.

Believe me I'm the tortise, not the hare. $15-30 and $20-40 limit is really the most I can stomach. I'm positive I can beat the Bellagio $30-60 and Commerce $40-80, but I don't have the stomach to throw down the money those limits require.
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Old 09-21-2009, 09:42 PM
 
Location: Seattle
1,568 posts, read 3,220,898 times
Reputation: 1623
I'll keep this in mind, heading to Vegas next week...wish me luck and taxes.
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Old 09-22-2009, 12:15 AM
 
Location: North Las Vegas
1,125 posts, read 1,587,955 times
Reputation: 929
I have a tried and true plan that keeps me from having to worry about the IRS when it comes to my gambling. I just don't gamble. Don't have to report what doesn't happen.
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Old 09-23-2009, 09:49 AM
 
307 posts, read 1,221,206 times
Reputation: 125
If I win, let's say, $25, do I still have to report it to IRS????

What about the membership card? you know you put the card in a slot machine and get points? I wonder if it contains how much you spend on $$, win $$ or lose $$ ? Will the IRS look at it?
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Old 09-23-2009, 09:51 AM
 
Location: Orlando, FL
317 posts, read 1,088,520 times
Reputation: 154
Quote:
Originally Posted by KD Hawaii View Post
If I win, let's say, $25, do I still have to report it to IRS????

What about the membership card? you know you put the card in a slot machine and get points? I wonder if it contains how much you spend on $$, win $$ or lose $$ ? Will the IRS look at it?
The IRS rules say that a $25 win must be reported as taxable income.

yes, the membership card keeps track of your win and loss. You can call the casino after your trip and request a win/loss statement. The IRS could request it if they wanted it.
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Old 09-23-2009, 09:59 AM
 
307 posts, read 1,221,206 times
Reputation: 125
Quote:
Originally Posted by cedar_bluff_tree_farm View Post
The IRS rules say that a $25 win must be reported as taxable income.

yes, the membership card keeps track of your win and loss. You can call the casino after your trip and request a win/loss statement. The IRS could request it if they wanted it.
uh oh then I won't use the membership card anymore. I don't want IRS being nosey. Go away IRS! LOL
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