SENSITIVE TOPIC: Do you keep a diary or record of winnings, losses, expenses for you know what?

Reply #12

Harve$t Moon — Wed, 23 Dec 2009 00:07:08 GMT

Thanks, Everyone, for your suggestions and comments! They are appreciated!

Happy Holidays

Reply #11

rcbbuckeye — Thu, 26 Nov 2009 14:11:57 GMT

I have kept a spreadsheet for the last 5 years of what I played on each game, won and lost. I keep it by month and total it at the end of the year. I do it more so to keep track of wins and losses and how much I spend rather than for tax purposes. Unfortunately, I lost most of my files due to a computer virus this year, so all I have is records for this year.

Reply #10

truecritic — Thu, 26 Nov 2009 13:59:54 GMT

When online gambling becomes legal, I will play with the wider scope of possibilities. It is my intention to play daily and often enough to establish myself as a Professional Gambler. With gambling becoming my primary source of income AND with my INTENTION to make BUSINESS PROFITS, I believe that I can argue for fuller IRS privileges.

If your a pro, you register with the IRS and then you can deduct expenses. Not sure what the procedure is or what it costs.

Reply #9

KY Floyd — Thu, 26 Nov 2009 08:44:57 GMT

I believe that I can argue for fuller IRS privileges.

Of course you can argue, assuming you're willing to spend lots of money for a lawyer. I hope you don't actually think you'll win.

My support will be the business' detailed record keeping.

Detailed records are meaningless for supporting deductions that aren't allowed, or trying to claim that a hobby is really a business.

Lottery gambling is also a game of skill, otherwise, all the system players are wasting their time with syst... [ More ]

Reply #8

RJOh — Wed, 25 Nov 2009 19:12:44 GMT

You can only claim deductions equal to your winnings.

Also those loses and others (interest on loans and etc.) have to exceed the standard deduction allowed for losses in general. I once won $1500 for matching 5/6 in a 649 game and spent $3000 on lottery tickets that year but my other losses and the $1500 of lottery loses I could claim didn't exceed the standard deduction of $4500 so I ended up paying ~$300 more in taxes for the $1500 increase in my income. You got to win a lot and lose a lot... [ More ]

Reply #7

ThatScaryChick — Wed, 25 Nov 2009 18:24:11 GMT

Do you keep a diary or record of your gambling winnings, losses and other expenses for your tax returns?

Nope.

Reply #6

hennybogan — Wed, 25 Nov 2009 17:42:57 GMT

Lots of luck trying to make money in the lottery.

You can only claim deductions equal to your winnings.

For that reason I save all of my Pick 3, Pick 4, and scratch offs.

Back in 2006, I won $660 on one Pick 3 ticket, and had to pick up a check

from the Texas Lottery Commission, after completing an IRS FORM.

Later in 2007, I filed my taxes using H R Block. I wanted to claim all of my tickets,

but I was told you can only claim as much as you won. In other words, a PUSH .

If g... [ More ]

Reply #5

takeitez — Wed, 25 Nov 2009 17:18:08 GMT

Write (not print) your name on the back of each ticket you buy.

File by the amount spent on each ticket.

When the time comes you will be ready.

ez

Reply #4

Harve$t Moon — Wed, 25 Nov 2009 16:54:34 GMT

Thanks, Stack47, for your comments!

My home will never become an online gambling establishment. No way, no how, NEVER NEVER NEVER!!! My home based business will be a sole proprietorship business with no clients, customers, employees or the like.

Right now, I play PA, NJ and DE lotteries primarily, because I can't play online. Although I do have family in Europe, I would NEVER ask them to register me or themselves for the services of the current online gambling sites. Sometimes, I visit th... [ More ]

Reply #3

recoveryroad — Wed, 25 Nov 2009 16:21:23 GMT

The free lottery software I use has a space for entering in your ticket purchases for each day (or week)...and yes, I've kept track of everything so far this month. Right now I'm down about $100 for November in my pick 5 game...but hey, being down $100 for the month doesn't mean a whole lot to someone who's been down several thousand in the stock market in a month..

Reply #2

Stack47 — Wed, 25 Nov 2009 14:08:38 GMT

Courts have ruled that poker is a game of skill and professional poker players can get business and occupational deductions. Whether or not the online gambling bill views online poker as a business or occupation is irrelevant because you're talking about other forms of gambling.

What is relevant, the whole point of legalizing online gambling is to tax winnings and the current IRS code only allows us to deduct up to the amount we won. So even if you actually believe you can show a profit playi... [ More ]

Reply #1

Delta Draw — Wed, 25 Nov 2009 13:52:22 GMT

Hey Harve$t Moon!

Sure,... I do keep daily records and bad bets. I don't want to look back and wish I had done that, if the event my winnings exceed my loosings. LOL Not having your losses well documented only adds to your losses if you win handsomely, and you can offset those losses from winnings so you only pay tax on the bottom line.* Why get taxed on money you spent to win?

I will have to ask my E.A. next year and get some coaching on taxes and business stuff. Just off the cuff, it m... [ More ]

SENSITIVE TOPIC: Do you keep a diary or record of winnings, losses, expenses for you know what?

Harve$t Moon — Wed, 25 Nov 2009 04:47:04 GMT

Do you keep a diary or record of your gambling winnings, losses and other expenses for your tax returns? *

I'm reading an excellent book by Ann-Margaret Johnston, CPA, titled

How to Turn Your Poker Playing Into A Business: Knowing What to Deduct to Improve Your Odds With the IRS. ISBN 0-9774862-0-6

I'm not interested in Poker. My lottery activities are a hobby for now.

I'm looking into the possibility of turning it into a home based business.

If I can turn it into a ho... [ More ]