Need some losing Ohio Lottery tickets from 2011

Reply #32

Coin Toss — Sat, 30 Mar 2013 15:15:53 GMT

It's called Regulation 6Alpha, 6A, and started in the mid 1980s at $10,000.

Here's come info on it now:

Regulation 6A - Nevada State Casinos

By Sean Toth

wagerweb.com Contributing Writer

Well, it took awhile, but the federal government has invaded Las Vegas and has intimidated all the casinos into repealing a regulation -- one that has made Vegas a great place for those who like to gamble relatively large sums of money -- in the name of fighting terrorism. I'm talking about Regul... [ More ]

Reply #31

Stack47 — Fri, 29 Mar 2013 04:07:44 GMT

Some table games offer a $1 bonus bet and even though it is paid off in casino chips, they issue a W-2G on the winnings. Whatever the player wins on the other bets does not.

I'd guess that the IRS figures that the vast majority of people play for low stakes, and that very few people come out very far ahead, so it would take a lot of effort to track a relatively modest total amount of taxable income.

The dealers, floorman, and bit bosses are not IRS agents and they are the only ones who c... [ More ]

Reply #30

KY Floyd — Fri, 29 Mar 2013 03:59:18 GMT

In 2 weeks returns for 2012 will be due, and this person is asking about tickets for 2011. I'd guess they've already been notified of an audit. In that case, what happens will depend on how much they think somebody is trying to evade, how sure they are, and whether or not the person is smart enough to accept a reasonable settlement offer. If it was only about the cost and how much they can recover the government would never prosecute people for shoplifting something that costs $50. The threat of... [ More ]

Reply #29

KY Floyd — Fri, 29 Mar 2013 03:24:47 GMT

You know not to believe everything you hear on the internet, right?

In the US all gambling winnings are subject to federal (and usually state) income tax. The question is how the IRS (and the states) know how much you won. For some reason, the IRS doesn't require casinos to issue a W2 G for some games (blackjack isn't the only one). If there isn't a W2 G the winnings aren't documented, so the IRS may never know when you forget to list the income on your tax return.

Of course a casino can i... [ More ]

Reply #28

d1nnl2 — Thu, 28 Mar 2013 21:28:53 GMT

No, Only BlackJack winnings are tax-free. All other games are subject to tax.

Reply #27

JoshUK — Thu, 28 Mar 2013 19:22:03 GMT

How come, I remember watching this documentry about problem gamblers in Vegas. Some guy who owned a mattress company in Canada come to Vegas and blew like 300K. He was feeding the slot machine and hit 5K and he said thats like 3K after tax. Are any other games tax free.

Reply #26

dallascowboyfan — Thu, 28 Mar 2013 18:26:57 GMT

Oh no he didn't....

Reply #25

d1nnl2 — Thu, 28 Mar 2013 17:47:14 GMT

FYI, ALL BLACKJACK WINNINGS IN CASINOS ARE TAX-FREE

Reply #24

d1nnl2 — Thu, 28 Mar 2013 17:42:22 GMT

I agree. At year end you can request statements from the casinos. However, the context here is to claim losses without receipts. I am offering an idea on how to explain your unrecorded losses.

The lottery tickets are bearer instruments, whoever holds them is the presumed owner even if its a losing ticket. Unfortunately it works both ways, either on the winning and losing side of things.

Just say that you are a problem gambler and you were trying to play under the radar screen of the casino... [ More ]

Reply #23

RJOh — Thu, 28 Mar 2013 17:26:21 GMT

If you can only claim a couple of thousands for gambling loses, you might not exceed the standard deduction everyone gets and end up paying extra taxes for your winnings any way.

Reply #22

Stack47 — Thu, 28 Mar 2013 17:06:11 GMT

I heard that Harrahs and the other casinos were monitoring players with their loyalty cards.

I know a couple who had over $50,000 worth of W-2Gs, but actually lost money playing the slots for the year. Because they had used their player cards, the casinos gave them printouts showing their losses and they deducted the losses with no questions asked. A shoe box worth of losing tickets only creates more questions.

But it would be funny seeing someone wearing a HazMet suit bringing a shoe box... [ More ]

Reply #21

Stack47 — Thu, 28 Mar 2013 16:57:12 GMT

I've always thought deducting gambling losses only applied to professional gamblers who keep logs. A shoe box full of losing tickets proves they probably cashed in several tickets and didn't report them as gambling winnings and only reported whatever winnings were on the W-2G.

They would first have to explain how they bought so many tickets so far from where they lived and then explain how they only had one winning ticket out of thousands.

Reply #20

d1nnl2 — Thu, 28 Mar 2013 11:55:55 GMT

The same advice I actually heard from a Tax Accountant. But remember, the IRS guys gets overtime. They love people who do this, gives them a reason to pull in an all-nighter donning gloves, masks, gloves, lab coats, the works counting receipts.

Would this work ? I heard that Harrahs and the other casinos were monitoring players with their loyalty cards. They could stop gaming enthusiasts who they think are over their heads. Thats why, I played at their casinos without those cards and my loss... [ More ]

Reply #19

billionaire2bee — Thu, 28 Mar 2013 11:43:43 GMT

If I had enough tickets??? Yeah I just might.....and you know I wouldnt be the first and faaaar from the last

Reply #18

New York — Thu, 28 Mar 2013 05:25:08 GMT

Lol is this real? Don't you know the saying:

There's two things you can't cheat: death and taxes

Lmao

Reply #17

RJOh — Thu, 28 Mar 2013 05:14:57 GMT

If he's planning to use tickets bought by someone else, he probably want them bought in an area where he normally shoppe. If he lives and works in Cleveland, he wouldn't want tickets bought in Mansfield, Columbus or Cincinnati, it might be hard to explain why he traveled 100-300 miles to buy his lottery tickets.

Reply #16

Stack47 — Thu, 28 Mar 2013 05:01:44 GMT

They need a journal if they are a professional gambler. If someone won $200,000 in the middle of the year, had a $50,000 annual income, and claimed $25,000 in losses for the entire year, the IRS probably would say nothing.

It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31.

If you're audited, put all the losing tickets (yours or from dumpsters) into a sho... [ More ]

Reply #15

Coin Toss — Wed, 27 Mar 2013 23:28:23 GMT

RJoH once posted that just the ticlets aren't enough, you need a journal of your play, too.

It's a little obvious when someone starts collecting losing tickets, especially from Keno parlors and racetracks, all dated within a few days of each other, or the same day, like Dec 31.

Granted scratchers aren't dated on the tickets, but still.

Reply #14

JoshUK — Wed, 27 Mar 2013 14:38:22 GMT

Maybe they would, maybe they won't. Would you take the gamble.

Reply #13

billionaire2bee — Wed, 27 Mar 2013 14:33:25 GMT

I honestly do not believe that the IRS would even come after him....I think it would cost them more to try and prosecute than to let it be...

Reply #12

whiteballz — Wed, 27 Mar 2013 14:02:32 GMT

I forgot to put the quotes for tax pro.

Reply #11

sully16 — Wed, 27 Mar 2013 13:44:55 GMT

I hope this is not financial advice he received from a professional.

Reply #10

whiteballz — Wed, 27 Mar 2013 13:31:34 GMT

I think his tax pro is named, TurboTax.

Reply #9

rowlettewheel — Wed, 27 Mar 2013 13:18:06 GMT

wow did'nt think i'd see this post ...lol consult your tax pro before making posts like this

Reply #8

hearsetrax — Wed, 27 Mar 2013 12:27:17 GMT

cheaper to shoot da bum

Reply #7

whiteballz — Wed, 27 Mar 2013 12:02:18 GMT

if you end up going through with this, I have a feeling you will soon be given free housing, free food, free gym membership, free cable and a free orange jumpsuit for the next 10 to 15 years.

Reply #6

mcginnin56 — Wed, 27 Mar 2013 11:23:18 GMT

You might try the Ohio lottery commission, they probably have millions of losing tickets on hand.

Reply #5

sully16 — Wed, 27 Mar 2013 11:20:29 GMT

yikes

Reply #4

JoshUK — Wed, 27 Mar 2013 05:39:53 GMT

It's like leaving your ID at a scene of a crime.

Reply #3

KY Floyd — Wed, 27 Mar 2013 05:37:04 GMT

That was very nice of you to post the evidence for your upcoming tax evasion trial.

Reply #2

JoshUK — Wed, 27 Mar 2013 02:36:42 GMT

Just curious OP how much did you win.

Reply #1

rdgrnr — Wed, 27 Mar 2013 02:31:05 GMT

That's against the law Dougie.

Need some losing Ohio Lottery tickets from 2011

DougieB — Wed, 27 Mar 2013 01:16:11 GMT

Does anyone have any losing Ohio lottery tickets to sell? Need a couple thousand for taxes...