May 18, 201511 yr Very unlikely the IRS is going to pick a return with $2k in gambling winnings and losses to audit. You would be surprised at what returns do or do not get examined. Are you getting my drift yet?
May 18, 201511 yr Well, there's no way to claim losses on a blackjack, craps or roulette table. Why should you pay taxes on slot machine winnings when you actually lost more over the year than you won? Sure there are. Did you keep any sort of record of when you went, how much you started with and how much you ended up with on each of those days? That is the record-keeping that is necessary for this to pass muster. Problem is, most people do not want to do this type of thing and would rather go around and try to find losing tickets to support their claims.
May 18, 201511 yr Author Sure there are. Did you keep any sort of record of when you went, how much you started with and how much you ended up with on each of those days? That is the record-keeping that is necessary for this to pass muster. Problem is, most people do not want to do this type of thing and would rather go around and try to find losing tickets to support their claims. I did. Can't see the IRS taking a handwritten piece of paper over actual documentation(losing printed/sold tickets).
May 18, 201511 yr I did. Can't see the IRS taking a handwritten piece of paper over actual documentation(losing printed/sold tickets). As I mentioned above to UK Mustang Fan, take a hint with what I am posting. I am telling you what will work and what will not.
May 18, 201511 yr I did. Can't see the IRS taking a handwritten piece of paper over actual documentation(losing printed/sold tickets). They will, particularly if you keep good records. I have a client that keeps meticulous records. Before she came to me she did have an audit and had no changes to her numbers because she kept a very nice log of every time she gambled. She supplemented it with parking passes and other supporting documentation on when she visited the casino. Anymore it seems like the casinos also keep track if you have a players card.
May 18, 201511 yr Bottom line folks, keep good records and take all the legal deductions you can. But please don't try to game the system, it's a losing proposition. (pun intended) You won, pay your taxes and move on.
May 19, 201511 yr Hit the trifecta for $1,500 in 2012 and was taxed about 30% on it. Make some donations to goodwill while you're at it.
May 19, 201511 yr Remember that any gambling losses can be used on schedule A to offset winnings. Lottery tickets, raffle tickets, split the pot, etc. It adds up for some people.
May 19, 201511 yr I never finished the book, but several years ago I read a portion of "Gaming The Game", a book about former NBA referee Tim Donaghy & some of his gambling cronies. The book itself focused on Jimmy Battista, who was a long-time gambler and the architect of the NBA gambling ordeal. Jimmy was deeply entrenched in the gambling circuit. His mentor advised him that those who get busted for gambling normally get the hammer due to tax evasion. As a result, he was always very careful on his tax returns and frequently reported income from gambling even in years that he lost money, just to keep the feds happy.
May 19, 201511 yr I did. Can't see the IRS taking a handwritten piece of paper over actual documentation(losing printed/sold tickets). The Casino knows.
May 20, 201511 yr The Casino knows. If you are a regular at a casino, have a player's club card and use it every time you feed 100 bucks to a slot machine or cash in for chips at a table, they have a record of it. There's no reason you shouldn't be able to ask the casino for and receive a year-end P/L statement for your gambling activity.
May 20, 201511 yr If you are a regular at a casino, have a player's club card and use it every time you feed 100 bucks to a slot machine or cash in for chips at a table, they have a record of it. There's no reason you shouldn't be able to ask the casino for and receive a year-end P/L statement for your gambling activity. Most rewards clubs websites allow to get win loss statements.
May 20, 201511 yr Not a gambler. Do you get a 1099 when you cash in your winning chips? Just on jackpots won. They can't do anything about poker chips or table game chips cashed except fill form for government for cash out over 10000. Sometimes the might copy your Id if over a few grand just to make sure you aren't cashing a few grand at different windows to avoid letting the government know.
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