Taxes-Gambling losses
- Thread starter hawkeye
- Start date
If you have a players card from casinos they provide won/loss statements online.
Here's an example of Harrah's Rewards:
https://www.totalrewards.com/winloss.html
Yes, you have to prove losses if you get audited. My accountant makes me provide him with one otherwise he won't offset anything.
Thanks--Got one-so just printed that out--it helped--thanks.
Tried to get them to take out taxes when they won but they would not do it?
Any other good advice?
Tried to get them to take out taxes when they won but they would not do it?
Any other good advice?
Sadly
Sadly
the $1200 plateau for tax reporting hasn't changed to my knowledge since the early 1970's.
Adjusted for inflation....$1,200.00 in 1970 had the same buying power as $7,418.01 in 2014.
Annual inflation over this period was 4.23%.
Its a dirty shame that nothing has been done to address this injustice.
Quarter video poker forever has paid $1200 for royal on maximum 5 coin;
$1201 and up would be reportable.
Sadly
the $1200 plateau for tax reporting hasn't changed to my knowledge since the early 1970's.
Adjusted for inflation....$1,200.00 in 1970 had the same buying power as $7,418.01 in 2014.
Annual inflation over this period was 4.23%.
Its a dirty shame that nothing has been done to address this injustice.
Quarter video poker forever has paid $1200 for royal on maximum 5 coin;
$1201 and up would be reportable.
- Mar 19, 2006
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I won 1200 on a slot and claimed losses against it :0074
I went to the dog track and picked up losing tickets that people threw away, didn't take long to pickup that much in losers
Risk it, fuck the government they get plenty of your money as it is
I went to the dog track and picked up losing tickets that people threw away, didn't take long to pickup that much in losers
Risk it, fuck the government they get plenty of your money as it is
Your lucky most tracks frown on the activities. I even had a friend get barred from the track years ago for the act and another get all of those with "footprints" thrown out during an audit. :0008
I didn't get audited so I was lucky...the odds of an audit are remote I take that chance if I win another jackpot in the future, I was discrete about it when I picked up tickets:0074
I always paid my "dues", just because I didn't want to get in trouble. Well, someone made a good point to me.
How many of these things does the IRS have to pour over? MILLIONS! What are the chances that yours is getting the audit? What if it does? I'm taking a chance this next year. I'm not paying my taxes on my big hit. If the IRS tags me, so what? Now I pay what I would have anyway. If they don't run me, I didn't have to pay.
How many of these things does the IRS have to pour over? MILLIONS! What are the chances that yours is getting the audit? What if it does? I'm taking a chance this next year. I'm not paying my taxes on my big hit. If the IRS tags me, so what? Now I pay what I would have anyway. If they don't run me, I didn't have to pay.
The casino sends a W-3 to the IRS with your winnings amount
You can request federal withholding on any jackpot you win over $1200 - You have to tell them the amount you want withheld. The casino is then responsible for sending in the money and the w-3
But what if the casino just keeps my money
Well luckily you claimed it on your income tax return and the IRS will investigate the casino.
Also the casino would never not report a jackpot because then they can not take the expense against their income
Just like an employer/employee w-2/w-3 or employer/contractor 1096/1099, the system is maintained by matching up what both sides report.
You can request federal withholding on any jackpot you win over $1200 - You have to tell them the amount you want withheld. The casino is then responsible for sending in the money and the w-3
But what if the casino just keeps my money
Well luckily you claimed it on your income tax return and the IRS will investigate the casino.
Also the casino would never not report a jackpot because then they can not take the expense against their income
Just like an employer/employee w-2/w-3 or employer/contractor 1096/1099, the system is maintained by matching up what both sides report.
Losses UP TO THE AMOUNT OF WINNINGS can be claimed against the wins.
Acceptable documentation for wins of this small size include gambling logs that you yourself have created.
Ask your accountant, this is acceptable and legal.
Acceptable documentation for wins of this small size include gambling logs that you yourself have created.
Ask your accountant, this is acceptable and legal.
Good advice-thanks. I reported it - based on my TurboTax I am in the very very low aduit category
but not worth the time or trouble . Next time she/we will ask for some $ to be taken out.
but not worth the time or trouble . Next time she/we will ask for some $ to be taken out.
http://www.bankrate.com/finance/money-guides/reporting-gambling-winnings.aspx
Ask your accountant, he will verify this.
If those pit bosses put you down for 3 hours and you put in 6 hours there's nothing you can do to change that. Ask Andy, he called and bitched and bitched.... they gave him a comp dinner. :mj07:
