BV3273
BV3273
Joined: Jan 31, 2019
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January 31st, 2019 at 4:26:26 PM permalink
So in theory they are saying I won $318,000 playing blackjack hands online and since I lost all of that money Id have to say I lost $318,000 as well. Therefore my loses would offset my wins. Do I have this correct?
DRich
DRich
Joined: Jul 6, 2012
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January 31st, 2019 at 4:28:27 PM permalink
Here is a link from Turbotax saying that online Blackjack can earn W2G's.

https://ttlc.intuit.com/questions/3447424-is-blackjack-online-casino-winning-taxable
Living longer does not always infer +EV
DRich
DRich
Joined: Jul 6, 2012
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January 31st, 2019 at 4:29:24 PM permalink
Quote: BV3273

So in theory they are saying I won $318,000 playing blackjack hands online and since I lost all of that money Id have to say I lost $318,000 as well. Therefore my loses would offset my wins. Do I have this correct?



Yes, that is how the federal taxes work.
Living longer does not always infer +EV
BV3273
BV3273
Joined: Jan 31, 2019
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January 31st, 2019 at 4:32:57 PM permalink
Here is what it says on my win/loss statement:

Casino Game Activity
Monies taken to: $1,310,528.73
Monies taken from: $1,299,835.52
Total: ($10,693.21) - This is a loss for 2018

W-2G Total: $318,684.50
BV3273
BV3273
Joined: Jan 31, 2019
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January 31st, 2019 at 4:33:39 PM permalink
I obviously dont have a record of the total amount of loses though. So what do I need to do to get that information? Would it help if I put a log together of my loses for that play period?
FCBLComish
FCBLComish
Joined: Apr 11, 2010
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January 31st, 2019 at 4:47:41 PM permalink
Wow, this sucks.

Who is doing your tax return? Try to find someone who knows something about gambling wins/losses
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BV3273
BV3273
Joined: Jan 31, 2019
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January 31st, 2019 at 4:48:53 PM permalink
I am calling some accountants tomorrow that work specifically with gamblers. Hopefully they can shed some more light on this.
FCBLComish
FCBLComish
Joined: Apr 11, 2010
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January 31st, 2019 at 4:50:36 PM permalink
Good luck. Post your findings. It may help the next guy.

By the way, try not to win $1200 on any individual hand next time. If that includes splits/doubles, then probably a $200 max bet is safest.
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SOOPOO
SOOPOO
Joined: Aug 8, 2010
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January 31st, 2019 at 4:53:05 PM permalink
Quote: FCBLComish

Wow, this sucks.

Who is doing your tax return? Try to find someone who knows something about gambling wins/losses



Yeah. probably cost you a few thousand to find an expert. Please tell me you won't be playing on line anymore....
FCBLComish
FCBLComish
Joined: Apr 11, 2010
  • Threads: 3
  • Posts: 549
January 31st, 2019 at 4:55:42 PM permalink
If by some chance your accountant can convince the IRS that the play should be covered as a Table Game and not as a Slot Jackpot, you will be much better off.

Did you look at the T&Cs for the site to see what they say about taxes? Are you playing in New Jersey?
Beware, I work for the dark side.... We have cookies

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