gambling winnings question

[hedgehog]

I won a 1200.00 jackpot Friday and I had no idea you have to pay taxes only on 1200 winnings. It must be a new law? They automatically took out Louisiana tax but I told them no federal taxes out. How can I prove on my taxes next year I have lost over 1200 so I dont have to declare gambling winnings? :shrug: I also won over 500 playing blackjack, and 250 on another slot machine it was a good day:00hour

thanks in advance

 

[kickserv]

Gamble in Canada...no tax on any winnings...problem solved:tongue

 

[vinnie]

I won a 1200.00 jackpot Friday and I had no idea you have to pay taxes only on 1200 winnings. It must be a new law? They automatically took out Louisiana tax but I told them no federal taxes out. How can I prove on my taxes next year I have lost over 1200 so I dont have to declare gambling winnings? :shrug: I also won over 500 playing blackjack, and 250 on another slot machine it was a good day:00hour

thanks in advance

it's 1200 & up on slot payouts :sadwave: sky's the limit on tables :00hour

start collecting losing lotto tickets from people

 

[lawtchan]

it's 1200 & up on slot payouts :sadwave: sky's the limit on tables :00hour

start collecting losing lotto tickets from people

yep,

go to the horestrack and start scooping up losing tickets...

won't take long

 

[MadJack]

yep,

go to the horestrack and start scooping up losing tickets...

won't take long

Less than 5 minutes there.

 

[yyz]

yep,

go to the horestrack and start scooping up losing tickets...

won't take long

The IRS loves guys who do that. The first question your auditor will ask is, "So, you had ONE winning ticket, and all those losers?"


If you don't keep accurate records of yearly wins/losses.......pay the taxes.

 

[MadJack]

The IRS loves guys who do that. The first question your auditor will ask is, "So, you had ONE winning ticket, and all those losers?"


If you don't keep accurate records of yearly wins/losses.......pay the taxes.

Maybe. And that's IF you get an auditor.

 

[yyz]

Maybe. And that's IF you get an auditor.

It aint worth the trouble for a couple hundred bucks, IMO.


It's a hassle, but you need to keep a journal of wins/losses on every trip to the cassino you take.

 

[MadJack]

It aint worth the trouble for a couple hundred bucks, IMO.


It's a hassle, but you need to keep a journal of wins/losses on every trip to the cassino you take.

They do that for you if you have a players card. You can go to their website and request a won/loss statement.

Venetian had mine but didn't include my poker tournament registrations, so I emailed them and they snail mailed me a detailed statement of my wins/losses.

Had to get one from Harrah's as well.

 

[Trampled Underfoot]

I won a 1200.00 jackpot Friday and I had no idea you have to pay taxes only on 1200 winnings. It must be a new law? They automatically took out Louisiana tax but I told them no federal taxes out. How can I prove on my taxes next year I have lost over 1200 so I dont have to declare gambling winnings? :shrug: I also won over 500 playing blackjack, and 250 on another slot machine it was a good day:00hour

thanks in advance

Just point them to your posts at madjacks. :shrug:

 

[vinnie]

It aint worth the trouble for a couple hundred bucks, IMO.

not when ur up over 300% :shrug:

 

[hedgehog]

It aint worth the trouble for a couple hundred bucks, IMO.


It's a hassle, but you need to keep a journal of wins/losses on every trip to the cassino you take.

doubt I make it back this year to a casino:shrug: looks like I will be going to the greyhound track sometime later this summer and scooping up tickets :00hour and buying a few scratch off lotto tickets too, thanks for the ideas

 

[The Judge]

I'm sure the casino made you sign a form which means you will receive a W-2G in the mail from them early next year.

My advice is to claim the winnings on your tax return. If you do not, the consequences can be far worse than the few extra bucks in taxes you would pay now in the event you were to get audited down the road.

I thought you were a good American, Hedge. Why would a fine upstanding citizen like yourself try to dodge taxes on money earned?

 

[kegray1]

The easiest way to prove a gambling loss after claiming for a reasonable amount is to head out to the horse or dog track and play few wagers and you will see people leaving tickets everywhere.
Pocket them and it will add up as losings fast.

Careful though as security sometimes looks out for this, although at Gulf Greyhound in Texas City they don't.
That track is bleeding money and has automated tellers for the most part and little to no security anymore.
TICKETS ARE EVERYWHERE.

 

[dunclock]

good idea but dont all these tix have dates on em?


red flag:shrug:

 

[kegray1]

They do have dates so you can't just do it in one or two nights.

But a 10 or 12 times during the year and grab about $200 a night in losing tickets and have a good night at the track to boot.

 

[MadJack]

good idea but dont all these tix have dates on em?


red flag:shrug:

It's easy as hell to drop $1200 at the track in one day :shrug:

 

[yyz]

It's easy as hell to drop $1200 at the track in one day :shrug:

The IRS isn't stupid. They know this is the oldest scam run by guys like this! That's why the first question they ask when you drop thousands of dollars worth of losing tickets in front of them will always be:

"You had all those losers, but only that one big winner, huh?"

They don't buy it. Period.


You can take the chance that you don't get audited, and you probably won't. But if you do, and this is the course you wish to go........good luck.

 

[MadJack]

The IRS isn't stupid. They know this is the oldest scam run by guys like this! That's why the first question they ask when you drop thousands of dollars worth of losing tickets in front of them will always be:

"You had all those losers, but only that one big winner, huh?"

They don't buy it. Period.


You can take the chance that you don't get audited, and you probably won't. But if you do, and this is the course you wish to go........good luck.

Relax :SIB

I've never done it. The only thing I usually get HIT for is hitting quads on the VP machine and I can usually offset that with the poker tourney entry fees.

Winning money in Venetian Poker Tournaments is paid in cash without any forms to fill out no matter how much you win. Same with Bellagio. Harrahs does not practice the same procedures and fuks ya with the tax papers.

 

[Cie]

The hassle for 200-300 bucks is not worth it, particularly for someone like Hedge, who has claimed to be set for life financially...........