Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Those win/loss statements can be eye openers. I certainly don’t gamble more than I can comfortably lose, but it is surprising when you see that loss number in black and white.
Those win/loss statements can be eye openers. I certainly don’t gamble more than I can comfortably lose, but it is surprising when you see that loss number in black and white.
Oh yes it is! Everyone remembers the wins.....not the losses which are much much more than the wins...why I personally keepa journal and limit!
Not ethical of course, but you really could just make up a fake BS "log" of your gambling trips in the event you get audited. So long as the numbers add up to the loss that you claimed on your tax form. Unless they somehow subpoena the casino's own records for your player's card data, the IRS has no way of knowing or verifying which dates you went, what games you played, how much you put in, how much you left with, etc.
Most casino win/loss statements I've seen only report the cumulative loss/win for the tax year, not what happened at each session. That is why people are saying the win/loss statement is not valid for an audit. If you use a player's card, the casino does have the data on each session, they just don't report it that way on the win/loss statement. If there was a lawsuit or similar and they had to provide the data, then yes, they could tell the court that you did play Blazing 7's for 36 minutes on April 3rd, $3 average bet, and lost $204.
This is similar to reporting losses on stock sales before the brokerages were required to report cost basis data to the IRS. You could pull all kinds of shenanigans with losses because the IRS had no way to verify what you actually paid for the stock, just what you reported paying for it. You could put the date acquired as "various" and pick a price number, they would have no reason to question it.
, I have both work income that is W-2 and 1099 so I always itemize and its just math once the accountant does itemize vs. Standard. Which one is better.
I'm confused OP! Where you get your income (e.g., W2, 1099s) does not determine whether you should itemize on your federal taxes. Until last year, it was advantageous for people who 1) have a big mortgage; 2) pay a lot in property and/or sales taxes; or 3) make large charitable contributions (for example, to a church) to itemize. As of last year, the standard deduction was increased substantially and limits were placed on many former itemizable deductions. It's now more advantageous for many middle-income earners to take the standard deduction, which means no allowance for gambling losses.
I'm confused OP! Where you get your income (e.g., W2, 1099s) does not determine whether you should itemize on your federal taxes. Until last year, it was advantageous for people who 1) have a big mortgage; 2) pay a lot in property and/or sales taxes; or 3) make large charitable contributions (for example, to a church) to itemize. As of last year, the standard deduction was increased substantially and limits were placed on many former itemizable deductions. It's now more advantageous for many middle-income earners to take the standard deduction, which means no allowance for gambling losses.
Just dug around on the IRS website and this is true. No more deducting your losses from your winnings UNLESS you itemize. But you can itemize even if you’re under the threshold, if you want. (not sure when that would ever be to one’s advantage).
Win/loss statements are not accurate if you play table games or poker like Texas Holdem /Omaha as the casino cant accurate track the figures
that definitely makes sense but (as far as i know) it doesnt seem to matter so much when all the IRS has is a jackpot record. they tax that as income no? im just guessing, i dont really know that for sure.
Just dug around on the IRS website and this is true. No more deducting your losses from your winnings UNLESS you itemize. But you can itemize even if you’re under the threshold, if you want. (not sure when that would ever be to one’s advantage).
Yes it is itemized. Yes I have a big mortgage and high property taxes so I itemize. Again say I win 10K in W2G and lose 12K for the year. I do not get the money I gambled back, but get the taxes I paid on the W2G wins since i had a loss for the year, the Federal taxes. Taxes for my state I do not get back, some states I believe you do.
I'm confused OP! Where you get your income (e.g., W2, 1099s) does not determine whether you should itemize on your federal taxes. Until last year, it was advantageous for people who 1) have a big mortgage; 2) pay a lot in property and/or sales taxes; or 3) make large charitable contributions (for example, to a church) to itemize. As of last year, the standard deduction was increased substantially and limits were placed on many former itemizable deductions. It's now more advantageous for many middle-income earners to take the standard deduction, which means no allowance for gambling losses.
With high mortgage intereset and high property taxes always better to itemize even with the new standard deductions.
The gambling(at least for me) is small compared to those two. That said as a "pleasure" gambler I get back my fed taxes since I have a losss for the year.
I beleive professional gamblers who do it for a living can do a whole lot more, but I am far from that
that definitely makes sense but (as far as i know) it doesnt seem to matter so much when all the IRS has is a jackpot record. they tax that as income no? im just guessing, i dont really know that for sure.
I believe you can net out your win/loss and pay taxes on the net but you have to keep accurate records. I had a couple of w-2g in a year and just paid taxes on that because I didn’t keep an accurate record to knock down the number
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
