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Taxes and Casino Wins

Topic closed. 6 replies. Last post 2 years ago by eddessaknight.

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casino crawler's avatar - Lottery-049.jpg
San Diego, CA
United States
Member #165351
April 3, 2015
86 Posts
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Posted: May 23, 2015, 3:57 pm - IP Logged

If you have ever won a significant prize at a casino, you know you will be given a W-2 G form to report your wins.  It is like a regular W-2 you get at work but the G stands for a "gambling" win, hence W-2 G.  Since you can write off "losses up to wins" it is a good idea to hold on to evidence of loss.  ATM receipts, or in the case of lottery or scratch offs, losing tickets.  If you do not report a win, you cannot write off losses...thats why it is said losses UP TO wins.

You have heard of people selling losing tickets, raffle receipts, etc....generic gambling evidence, for those who win big and scramble to write off the win.  Remember to use a player's card if you play slots or tables since most casinos will give you an end of year win-loss report.

So yes, it happened to me and I got audited on my wins.  They accepted my records so I ended up paying nothing.  Anyone else run across this issue?

    eddessaknight's avatar - nw paladin.jpg
    LAS VEGAS
    United States
    Member #47729
    November 22, 2006
    4503 Posts
    Online
    Posted: May 24, 2015, 3:57 pm - IP Logged

    If you have ever won a significant prize at a casino, you know you will be given a W-2 G form to report your wins.  It is like a regular W-2 you get at work but the G stands for a "gambling" win, hence W-2 G.  Since you can write off "losses up to wins" it is a good idea to hold on to evidence of loss.  ATM receipts, or in the case of lottery or scratch offs, losing tickets.  If you do not report a win, you cannot write off losses...thats why it is said losses UP TO wins.

    You have heard of people selling losing tickets, raffle receipts, etc....generic gambling evidence, for those who win big and scramble to write off the win.  Remember to use a player's card if you play slots or tables since most casinos will give you an end of year win-loss report.

    So yes, it happened to me and I got audited on my wins.  They accepted my records so I ended up paying nothing.  Anyone else run across this issue?

    Good RealTime Informative expectation for gamers Lady  CC

    Mail For You

    Your kind attention appreciated

     

    Good Weekend Wishes as we all remember R.I.P. those who sacrificed their lives for usPatriot

     

    Fortes Fortuna Juvat

    Eddessa_Knight Sun Smiley

      casino crawler's avatar - Lottery-049.jpg
      San Diego, CA
      United States
      Member #165351
      April 3, 2015
      86 Posts
      Offline
      Posted: May 27, 2015, 4:18 am - IP Logged

      Good RealTime Informative expectation for gamers Lady  CC

      Mail For You

      Your kind attention appreciated

       

      Good Weekend Wishes as we all remember R.I.P. those who sacrificed their lives for usPatriot

       

      Fortes Fortuna Juvat

      Eddessa_Knight Sun Smiley

      Thanks Knight.  Most folks would not mind paying a bit of taxes if they hit a big enough one.

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        19830 Posts
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        Posted: May 27, 2015, 4:58 am - IP Logged

        If you have ever won a significant prize at a casino, you know you will be given a W-2 G form to report your wins.  It is like a regular W-2 you get at work but the G stands for a "gambling" win, hence W-2 G.  Since you can write off "losses up to wins" it is a good idea to hold on to evidence of loss.  ATM receipts, or in the case of lottery or scratch offs, losing tickets.  If you do not report a win, you cannot write off losses...thats why it is said losses UP TO wins.

        You have heard of people selling losing tickets, raffle receipts, etc....generic gambling evidence, for those who win big and scramble to write off the win.  Remember to use a player's card if you play slots or tables since most casinos will give you an end of year win-loss report.

        So yes, it happened to me and I got audited on my wins.  They accepted my records so I ended up paying nothing.  Anyone else run across this issue?

        The same thing happens when ever someone wins a lottery prize worth $600 or more, only where I live the state and city get involved too.

         * you don't need to buy more tickets, just buy a winning ticket * 
           
                     Evil Looking       

          eddessaknight's avatar - nw paladin.jpg
          LAS VEGAS
          United States
          Member #47729
          November 22, 2006
          4503 Posts
          Online
          Posted: May 27, 2015, 6:01 pm - IP Logged

          Thanks Knight.  Most folks would not mind paying a bit of taxes if they hit a big enough one.

          Lady CC, et al-

          Revenuers proposing reducing reportable gaming winnings $$$

          KENO, slot machines, bingo and video lottery players win $600 or more, under a proposed change to IRS ...tax information forms on winnings of $1,200 or more

          Under current federal regulations, set in 1977, a casino must file tax information forms on winnings of $1,200 or more on a slot machine jackpot or bingo game, and winnings of $1,500 on a game of keno.

          Lady casino crawler, your professional attention please

          Mail For You

          Fortes Fortuna Juvat

          Eddessa_Knight Sun Smiley

            eddessaknight's avatar - nw paladin.jpg
            LAS VEGAS
            United States
            Member #47729
            November 22, 2006
            4503 Posts
            Online
            Posted: June 3, 2015, 6:21 pm - IP Logged

            Lady CC, et al-

            Revenuers proposing reducing reportable gaming winnings $$$

            KENO, slot machines, bingo and video lottery players win $600 or more, under a proposed change to IRS ...tax information forms on winnings of $1,200 or more

            Under current federal regulations, set in 1977, a casino must file tax information forms on winnings of $1,200 or more on a slot machine jackpot or bingo game, and winnings of $1,500 on a game of keno.

            Lady casino crawler, your professional attention please

            Mail For You

            Fortes Fortuna Juvat

            Eddessa_Knight Sun Smiley

            The Revenuers creating a storm reaction on changing jackpots reporting threshold on W-2 G

            Players, casinos & 17 congressmen including majority leader oppose the lower tax grab amount from $1200 to $600 jackpots

            The IRS keeps L@@KING for more 'Ways & Means' to squeeze more $$$$ out of gaming with the burden falling on the players

             

            So, Sad & So Bad

            Eddessa_Knight Cool

              eddessaknight's avatar - nw paladin.jpg
              LAS VEGAS
              United States
              Member #47729
              November 22, 2006
              4503 Posts
              Online
              Posted: June 5, 2015, 4:46 pm - IP Logged

              The Revenuers creating a storm reaction on changing jackpots reporting threshold on W-2 G

              Players, casinos & 17 congressmen including majority leader oppose the lower tax grab amount from $1200 to $600 jackpots

              The IRS keeps L@@KING for more 'Ways & Means' to squeeze more $$$$ out of gaming with the burden falling on the players

               

              So, Sad & So Bad

              Eddessa_Knight Cool

               

              Players, casinos, allies blitz Revenuers on proposed tax grab reporting rule

              The casino industry and its allies on Capitol Hill have mounted a late push to persuade the Internal Revenue Service to back away from a proposal that would require winners of $600 jackpots to be reported to the tax man.

              It's not over, till it's over! Emoji

               

              Fighting Back!

              Eddessa_Knight Sun Smiley