Welcome Guest
Log In | Register )
You last visited December 3, 2016, 1:41 am
All times shown are
Eastern Time (GMT-5:00)

Taxes

Topic closed. 24 replies. Last post 9 months ago by destinycreation.

Page 2 of 2
51
PrintE-mailLink
Avatar
NY
United States
Member #23835
October 16, 2005
3474 Posts
Offline
Posted: February 17, 2016, 10:13 pm - IP Logged

Thank you for the replies. I've been told that I can't do it and I've been told that I can do it. I just don't want to get down the road and get audited and be accused of fraud. All of my losses are true losses and it makes the difference between paying $5100 or receiving back $3100.

"I've been told that I can't do it and I've been told that I can do it."

Bummer. It's too bad that there isn't some profession that deals with this sort of thing, so that you could get competent help from somebody who actually deals with that sort of thing for a living.

    Avatar
    New Member

    United States
    Member #173105
    February 17, 2016
    11 Posts
    Offline
    Posted: February 17, 2016, 10:42 pm - IP Logged

    My wins were 20k on a scratch off and 20k on a slot machine. I had a 1k scratch off and and a couple of smaller jackpots on slots.

    I guess I am going to have to consult with a tax professional. Like I said before, I don't want to write everything off and down the road get audited and be accused of tax fraud/evasion. We aren't trying to do anything illegal. Just have gambling problems! Lol.

      Avatar
      NY
      United States
      Member #23835
      October 16, 2005
      3474 Posts
      Offline
      Posted: February 18, 2016, 12:14 pm - IP Logged

      That's never a bad idea, especially if you've got anything on your return that's not plain vanilla. They're going to tell you that you can deduct your losses from the same year, up to the amount you won. You can make it a bit more complicated by claiming the net winnings from each time you cashed out at the casino, such as winning 19k based on the 20k win and a 1k loss, but the simple way is to just declare the gross winnings losses. That's probably what would be reported to the IRS on the 1099, anyway, since the casino probably didn't track your loses on slots. Of course if your 1099 reports something other than the 20k it's a good idea to use the numbers on the 1099. That's what the IRS will expect, so even if you can substantiate the numbers you use there's a better chance you'd get audited.

        RedStang's avatar - tallman zps6gf4inoc.jpg
        NY
        United States
        Member #121961
        January 21, 2012
        3157 Posts
        Offline
        Posted: February 18, 2016, 12:59 pm - IP Logged

        My wins were 20k on a scratch off and 20k on a slot machine. I had a 1k scratch off and and a couple of smaller jackpots on slots.

        I guess I am going to have to consult with a tax professional. Like I said before, I don't want to write everything off and down the road get audited and be accused of tax fraud/evasion. We aren't trying to do anything illegal. Just have gambling problems! Lol.

        Did the casino make you a w2g. If not i would of just tried to cash it there and kept quiet.

          Avatar
          New Member

          United States
          Member #173105
          February 17, 2016
          11 Posts
          Offline
          Posted: February 18, 2016, 4:33 pm - IP Logged

          Yes. The gambling winnings that I am claiming are in w2g form. I had 6 of them. I kept a journal for my casino visits which shows pretty big losses. And in order to write off the full gambling income, I would have to include my losing scratch offs that I've saved over the year which is more than enough to cover the rest. 

          If I get audited and they don't accept my proof of losses and say that I owe them... I would be okay with that. I just don't want them to say I was trying to fraud them or evade taxes. I also don't want to screw myself out of $8000 that I'm truly entitled to.

            TheGameGrl's avatar - character catafly.jpg
            A long and winding road
            United States
            Member #17084
            June 10, 2005
            4523 Posts
            Offline
            Posted: February 18, 2016, 7:45 pm - IP Logged

            The losing tickets for the year filed are legitimate documents of proof.

            Save them for five years with your filed form.

            ~~Is it true, Is it kind,Is it necessary. ~~~

             Thanks be to the giving numbers: 1621,912,119 02014

              Avatar
              New Member

              United States
              Member #173105
              February 17, 2016
              11 Posts
              Offline
              Posted: February 18, 2016, 9:13 pm - IP Logged

              The losing tickets for the year filed are legitimate documents of proof.

              Save them for five years with your filed form.

              Thank you. I'm going to go ahead and do that.

                JAMORA's avatar - ladyclover
                NC
                United States
                Member #164399
                February 28, 2015
                1926 Posts
                Offline
                Posted: February 18, 2016, 11:38 pm - IP Logged

                Get a win/loss statement from the casino if you used a reward card. it's all recorded....Make a copy and attach it to your return, or file it with your efile docs....

                 

                Count your scratchers and box them with the amount inside and year marked clearly on the outside....

                "Don't waste time, it's the stuff life's made of..."

                  Avatar
                  New Member

                  United States
                  Member #173105
                  February 17, 2016
                  11 Posts
                  Offline
                  Posted: February 19, 2016, 1:04 am - IP Logged

                  Get a win/loss statement from the casino if you used a reward card. it's all recorded....Make a copy and attach it to your return, or file it with your efile docs....

                   

                  Count your scratchers and box them with the amount inside and year marked clearly on the outside....

                  Unfortunately I don't use a card at the casino... I always leave it in the slot and forget about it. I did keep a diary of how much we went in with and came out with, date, where. I'm also printing out bank statements to show my atm withdrawals (I'd pull $1200 a day, a month before my casino trip until I reached how much we wanted to go with)

                  I have a garbage bag full of my losers for year. I still have to finish counting them out. I've counted over $8000 so far. I kept the year before seperate in a garbage bag and marked it 2014 since I wrote off gambling losses that year as well.

                    Avatar
                    South Carolina
                    United States
                    Member #18322
                    July 9, 2005
                    1704 Posts
                    Offline
                    Posted: February 19, 2016, 2:54 am - IP Logged

                    Yes. The gambling winnings that I am claiming are in w2g form. I had 6 of them. I kept a journal for my casino visits which shows pretty big losses. And in order to write off the full gambling income, I would have to include my losing scratch offs that I've saved over the year which is more than enough to cover the rest. 

                    If I get audited and they don't accept my proof of losses and say that I owe them... I would be okay with that. I just don't want them to say I was trying to fraud them or evade taxes. I also don't want to screw myself out of $8000 that I'm truly entitled to.

                    You seem to have a lot of excess discretionary income ???  What do you do for a living ???