Taxes
February 2nd, 2019 at 6:53:40 AM
permalink
Got it! Now it’s clicking. I had 1.31 mil in loses and 1.21
mil in “wins” with a net of -10k. I mixed up the numbers. Sorry about that. So basically I do not have to report the $318k at all? I wonder why all of the accountants especially the one who handlers gamblers only told me to include that $318k on other income. That’s kind of weird.
mil in “wins” with a net of -10k. I mixed up the numbers. Sorry about that. So basically I do not have to report the $318k at all? I wonder why all of the accountants especially the one who handlers gamblers only told me to include that $318k on other income. That’s kind of weird.
February 2nd, 2019 at 6:55:14 AM
permalink
But the casino report is not by sessions. Poster said almost all happened in one day, so I think he could greatly reduce what he reports if he goes with the session method instead of what you are suggesting.Quote: MichaelBluejayYet again, no one is suggesting that you report NOTHING, certainly not me. What I actually said, and then repeated, is that you report $1,299,835.52 from the casino report.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
February 2nd, 2019 at 7:05:25 AM
permalink
Quote: BV3273Got it! Now it’s clicking. I had 1.31 mil in loses and 1.21
mil in “wins” with a net of -10k. I mixed up the numbers. Sorry about that. So basically I do not have to report the $318k at all? I wonder why all of the accountants especially the one who handlers gamblers only told me to include that $318k on other income. That’s kind of weird.
Doesn’t this kill you on NY income tax? As far as I understand, they limit your itemized deductions when you have a high AGI.
I heart Crystal Math.
February 2nd, 2019 at 7:07:58 AM
permalink
Yes, you did have a net loss, but you can't claim a net loss, so what I said you report was:Quote: BV3273Got it! Now it’s clicking. I had 1.31 mil in loses and 1.21
mil in “wins” with a net of -10k.
Quote: MichaelBluejay(1) Report your $1,299,835.52 wins on Schedule 1, Line 21.
(2) Report $1,299,835.52 as losses on Schedule A. Your losses were more than this, but you can't claim more in losses than you won.
Yes, that's exactly what I said:Quote: BV3273So basically I do not have to report the $318k at all?
Quote: MichaelBluejay(4) Ignore your W-2G. It's irrelevant.
As I explain in the article, this issue is widely misunderstood, and even TurboTax gets it wrong. Part of the problem is that the IRS instructions on the W-2G form are unclear. So, when some accountants say one thing and some accountants say another, then it's time to go to the IRS documents and cases and see what *they* say! :)Quote: BV3273I wonder why all of the accountants especially the one who handlers gamblers only told me to include that $318k on other income. That’s kind of weird.
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 7:10:25 AM
permalink
I think the way MichaelBluejay said is probably the proper way to file but I would still only claim the $318k because I think that will also minimize the chance of IRS interaction and a possible audit. It will also keep your AGI lower for state income taxes.
At my age, a "Life In Prison" sentence is not much of a deterrent.
February 2nd, 2019 at 7:11:24 AM
permalink
I missed where he said that all his gambling was from a single session. If that's true, then yes, since the session was a loss, and if he had no other winning sessions for the year, then there are no wins (or losses) to report. He should include a letter explaining why he's not reporting wins even though he got a W-2G, as explained in the article. (I know I'm linking to it a lot, but count the number of times in the other thread where people kept asking for the link.)Quote: unJonBut the casino report is not by sessions. Poster said almost all happened in one day, so I think he could greatly reduce what he reports if he goes with the session method instead of what you are suggesting.
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 7:31:25 AM
permalink
No worries on the re-linking.
I’m actually looking at the the transaction reports from the time period I played. It was over a 2-3 day period. So 2-3 sessions. Only one resulted in a win. The rest resulted in loses. I live in NY and played on my phone while on vacation in NJ. I’m printing out all of these records (158 pages in all) just in case I need to document any of this to the IRS in the future (hopefully not).
I’m not really sure of the implications on the state. All of the accountants said I’d have to file an out of state in NJ.
Again I’d rather be cautious and report the $318k versus little or nothing just to cover myself in case they do come back asking questions.
I’m actually looking at the the transaction reports from the time period I played. It was over a 2-3 day period. So 2-3 sessions. Only one resulted in a win. The rest resulted in loses. I live in NY and played on my phone while on vacation in NJ. I’m printing out all of these records (158 pages in all) just in case I need to document any of this to the IRS in the future (hopefully not).
I’m not really sure of the implications on the state. All of the accountants said I’d have to file an out of state in NJ.
Again I’d rather be cautious and report the $318k versus little or nothing just to cover myself in case they do come back asking questions.
February 2nd, 2019 at 7:33:56 AM
permalink
Not just NY, but federal taxes as well! Here's a good article I found on limitations on itemized deductions.Quote: CrystalMathDoesn’t this kill you on NY income tax? As far as I understand, they limit your itemized deductions when you have a high AGI.
I edited my article earlier to suggest using the W-2G figures if it results in a lower AGI and doesn't change tax liability. BV3273, note that this is a change to my earlier suggestion: Even though the session accounting I suggested to you is correct, you'll probably want to record your $318k W-2G total as your wins on Schedule 1 Line 21, and a $318k loss on Schedule A, to keep your AGI lower so that your deduction isn't limited. Note that even with $318k, your deduction may still be limited!
Yes, it's not fair. Yet another reason that gambling taxes should be abolished.
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 7:52:35 AM
permalink
Correct. My account stated that I should report the $318k W-2G total as a win on Schedule 1 Line 21, and a $318k loss on Schedule A. I am going to lose certain deductions such as medical bills, student loan interest,
etc. I’m fine with losing these deductions as long as it doesn’t result in further complications down the road.
It sucks my AGI is going to increase, but since I have a record of every transaction I have a little peace of mind.
etc. I’m fine with losing these deductions as long as it doesn’t result in further complications down the road.
It sucks my AGI is going to increase, but since I have a record of every transaction I have a little peace of mind.
February 2nd, 2019 at 8:21:31 AM
permalink
Are there any potential benefits to having an inflated agi?
February 2nd, 2019 at 8:22:35 AM
permalink
You get to be a baller.Quote: FinsRuleAre there any potential benefits to having an inflated agi?
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
February 2nd, 2019 at 8:23:05 AM
permalink
I think if you’re going for certain types of loans.
February 2nd, 2019 at 8:30:40 AM
permalink
Quote: BV3273I live in NY and played on my phone while on vacation in NJ. I’m printing out all of these records (158 pages in all) just in case I need to document any of this to the IRS in the future (hopefully not).
I’m not really sure of the implications on the state. All of the accountants said I’d have to file an out of state in NJ.
Does this mean that if we have gambling winnings in Las Vegas, that we do not need to report those winnings on our state income tax forms for our state of residence? (Nevada has no state income tax)
If I get a cash payout in a poker tournament in North Carolina (which is not where my residence is), am I required to file an out-of-state income tax form in North Carolina?
So many better men, a few of them friends, are dead. And a thousand thousand slimy things live on, and so do I.
February 2nd, 2019 at 8:33:14 AM
permalink
Quote: gordonm888Does this mean that if we have gambling winnings in Las Vegas, that we do not need to report those winnings on our state income tax forms for our state of residence? (Nevada has no state income tax)
If I get a cash payout in a poker tournament in North Carolina (which is not where my residence is), am I required to file an out-of-state income tax form in North Carolina?
I can only speak for NY. You would report it as income in NY, but you also get a credit for taxes paid on income earned in other states. So, in your example, you don’t get any credit because Nevada has zero taxes.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
February 2nd, 2019 at 8:45:06 AM
permalink
I agree with unJon
February 2nd, 2019 at 8:56:27 AM
permalink
Thanks to CrystalMath who woke me up about inflated AGI resulting in limited deductions. I did have a small bit about that in the article, but I somehow spaced out that the ramifications of that were pretty big. As a result, I just now overhauled the article, rewriting the first two sections, and adding a new section, "What to do with W-2Gs". Previously, my advice had been to always use session accounting, because that's what's proper, but now my conclusions are different. I'd summarize here but it's a big issue, and subject to further revisions, so please see the article for all the details. Please let me know if it seems I got anything wrong, or if anything's unclear, or if anything's missing (except state taxes, which are beyond the scope of my article).
Last edited by: MichaelBluejay on Feb 2, 2019
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 9:04:37 AM
permalink
I saw a YT video of a BJ player playing online for $5K to $10K per hand a little while back. He turned his low of $10K into $180K in a one day session. I can't imagine what that tax situation looks like. Since he was jumping from table to table pretending to be counting cards, does every table hop count as a session; or does one day online playing basically the same game count as a session? He may have left the US on vacation to play online to avoid taxes though.
Anyway, the OP has a $318K W-2G to declare a loss on with easy casino printouts of the day. It's probably gonna take a court case to use a gambling log of all year's gambling to write off $3 million. The IRS is heavily weighted towards W-2G's. It seems to be an exception to the rule to bring 99 days of non-W-2G activity into the purview of the one day you had W-2G activity. I'd avoid W-2G's like the damn plague, unless there was an upside, like winning big really fast in one day.
Anyway, the OP has a $318K W-2G to declare a loss on with easy casino printouts of the day. It's probably gonna take a court case to use a gambling log of all year's gambling to write off $3 million. The IRS is heavily weighted towards W-2G's. It seems to be an exception to the rule to bring 99 days of non-W-2G activity into the purview of the one day you had W-2G activity. I'd avoid W-2G's like the damn plague, unless there was an upside, like winning big really fast in one day.
February 2nd, 2019 at 9:06:05 AM
permalink
It's totally your call, but there's no way I would pay taxes that I don't owe just to avoid getting a letter from the IRS which I could easily clear up by sending back a letter of my own. Heck, if you include an explanatory note with your return, you're unlikely to get such a letter from the IRS in the first place.Quote: BV3273Correct. My account stated that I should report the $318k W-2G total as a win on Schedule 1 Line 21, and a $318k loss on Schedule A. I am going to lose certain deductions such as medical bills, student loan interest,
etc. I’m fine with losing these deductions as long as it doesn’t result in further complications down the road.
I've got a lot of experience with the IRS. I stopped paying taxes during the first Gulf War because I didn't want my tax money being used to kill people. I kept that up for ten years. Once I started making serious money that wasn't going to fly any more, so I settled. I never met an IRS agent, it was rather painless.
Since then, a couple times in my life I got behind on filing returns, I mean like *years*, and an IRS agent visited me each time to inquire about when I'd be able to file. No weaponry, no threats, nothing unpleasant. Each time I gave a good-faith estimate on when I'd be able to file, the agent left, then it actually took me long after my estimate to actually file (several weeks in the first case, maybe a year in the second case), but neither time were there any more visits.
Twice the IRS assessed extra taxes incorrectly. Each time I replied with a simple letter explaining how my reporting was correct, and that satisfied them completely.
In my mind, fear of the IRS is way overblown. As long as you're not cheating, you have little to worry about.
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 9:08:06 AM
permalink
I refer you to my article.Quote: ChumpChange...does every table hop count as a session; or does one day online playing basically the same game count as a session?
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 9:18:25 AM
permalink
You need to pay state taxes in the state you reside. In some states they withhold taxes at the time of a W2G. In those states you can file a state return to potentially get back some of the withholdings.
At my age, a "Life In Prison" sentence is not much of a deterrent.
February 2nd, 2019 at 9:20:07 AM
permalink
The OP sounds like he played at a site which is legal. What about the majority of Americans who have played at sites which are illegal in this country? I assume the illegal sites do not do any reporting? meaning no W-2Gs? It seems like the advantage of the illegal casinos must be huge if you live in one of the states that taxes winnings without allowing you to deduct losses.
Reason number 286 why I avoid on line casinos.....
Reason number 286 why I avoid on line casinos.....
February 2nd, 2019 at 9:41:23 AM
permalink
When you buy-in and cash-out of the online casino with Bitcoin, I don't see a financial transaction there since Bitcoin is property and not money (but some state will decide to call it money any day now, who knows).
February 2nd, 2019 at 9:45:16 AM
permalink
Quote: SOOPOOThe OP sounds like he played at a site which is legal. What about the majority of Americans who have played at sites which are illegal in this country? I assume the illegal sites do not do any reporting? meaning no W-2Gs? It seems like the advantage of the illegal casinos must be huge if you live in one of the states that taxes winnings without allowing you to deduct losses.
Reason number 286 why I avoid on line casinos.....
This whole thread has me questioning whether I ever want to wager more than $25 a hand at anything.... haha...
I never thought about the tax implications I could get myself mixed up in if I start betting blacks or purples on a regular basis.
February 2nd, 2019 at 9:52:36 AM
permalink
You start loading up the Roulette betting field with $35 bets, you can expect big wins that trigger a $1200 W-2G! That doesn't happen in a brick & mortar casino. #Triggered
February 2nd, 2019 at 10:09:26 AM
permalink
In hindsight it’s all 20-20. I just didn’t equate that a hand of blackjack would register as slot play. It’s completely rediculous to categorize a blackjack win as a slot win.
I hope someone spares themselves the nonsense by reading this thread and bets in a way not to trigger these wins. I know I wish I had before I played last August.
As far as not reporting the whole amount on the W2G I’ll look into it, but as of now I am going to report it. I’m going to call the gamblers accountant again and get his take on it before I file.
I hope someone spares themselves the nonsense by reading this thread and bets in a way not to trigger these wins. I know I wish I had before I played last August.
As far as not reporting the whole amount on the W2G I’ll look into it, but as of now I am going to report it. I’m going to call the gamblers accountant again and get his take on it before I file.
February 2nd, 2019 at 10:15:46 AM
permalink
BV, you are relatively new here, so we really do not know much about you. It doesn't 'sound' like you are independently wealthy, but were willing to risk $1,000 + on a single online blackjack hand. I am sort of wealthy by most standards, but couldn't even fathom pushing that button! You may want to keep it private, which is of course ok, but can you share how you got to be playing $1,000+ hand blackjack online?
February 2nd, 2019 at 10:29:14 AM
permalink
The IRS does consider Bitcoin to be property, but that doesn't mean it's not a transaction. After all, stocks are property but buying and selling them is certainly a transaction, with gains becoming taxable. It makes no difference whether you win property or cash, it's still a win (as I say in the very first bullet point in my article.Quote: ChumpChangeWhen you buy-in and cash-out of the online casino with Bitcoin, I don't see a financial transaction there since Bitcoin is property and not money (but some state will decide to call it money any day now, who knows).
Good idea. Be sure to refer the accountant to my article. Once s/he sees the tax court case I cite that says you report session wins and not W-2G wins, s/he may have a different opinion on the matter.Quote: BV3273I’m going to call the gamblers accountant again and get his take on it before I file.
Last edited by: MichaelBluejay on Feb 2, 2019
Presidential Election polls and odds: https://2605.me/p
February 2nd, 2019 at 10:31:23 AM
permalink
Quote: SOOPOOBV, you are relatively new here, so we really do not know much about you. It doesn't 'sound' like you are independently wealthy, but were willing to risk $1,000 + on a single online blackjack hand. I am sort of wealthy by most standards, but couldn't even fathom pushing that button! You may want to keep it private, which is of course ok, but can you share how you got to be playing $1,000+ hand blackjack online?
I’m comfortable playing $10 blackjack. Let’s say my annual income is around 150. That would mean i would need an annual income of 15 mil to play $1000 a hand. Sounds about right.
February 2nd, 2019 at 10:32:07 AM
permalink
It was online!! I missed that. That makes a difference, no wonder they are looking at those "table games" as something that isn't really a table game. I'm not saying I agree with them, I'm 'just saying'
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
February 2nd, 2019 at 10:50:35 AM
permalink
I've got a BJ strategy where I buy-in for $450 and bet $45 a hand. If I raise my bets every 5 hands I'm ahead, I'll be betting $900 a hand by the time I'm ahead 50 hands at $15,000+. I haven't seen any banks of slot Blackjack machines at the casino where I can do this in 2 hours (and not get a bunch of W-2G's for my efforts).
The slot Blackjack machines I saw 20 years ago, that were the slower dollar denomination would never let me win to more than 3 hands ahead; but the quarter slot BJ machines I had a big run on for awhile until everybody noticed that the casino had tightened the machines up like they were supposed to payout 86% instead of near even money.
Just saw somebody playing a single-user multi-player BJ machine on YT. Can bet either $1 or 25 cents, but you play 7 different hands against the dealer simultaneously. It says you can bet up to 350 credits, so I'm assuming it's up to 50 credits per hand before splits and double downs. You'll win if you're in when the dealer busts, but you'll get crushed by a bus when the dealer blackjacks.
The slot Blackjack machines I saw 20 years ago, that were the slower dollar denomination would never let me win to more than 3 hands ahead; but the quarter slot BJ machines I had a big run on for awhile until everybody noticed that the casino had tightened the machines up like they were supposed to payout 86% instead of near even money.
Just saw somebody playing a single-user multi-player BJ machine on YT. Can bet either $1 or 25 cents, but you play 7 different hands against the dealer simultaneously. It says you can bet up to 350 credits, so I'm assuming it's up to 50 credits per hand before splits and double downs. You'll win if you're in when the dealer busts, but you'll get crushed by a bus when the dealer blackjacks.
Last edited by: ChumpChange on Feb 2, 2019
February 2nd, 2019 at 3:47:41 PM
permalink
I don’t think it scales linearly.Quote: FinsRuleI’m comfortable playing $10 blackjack. Let’s say my annual income is around 150. That would mean i would need an annual income of 15 mil to play $1000 a hand. Sounds about right.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
February 2nd, 2019 at 3:54:29 PM
permalink
Quote: unJonI don’t think it scales linearly.
I think it does scale pretty close to linearly actually.
Someone who makes 1 mil a year should not be playing $1000 BJ hands on anything close to a regular basis if they are a recreational player.
February 3rd, 2019 at 1:11:38 AM
permalink
As Crystal points out the AGI consideration if you are not concerned about the federal implications (ie. deduction phase out etc.) is really for your state income tax purposes. I am not sure about NY but most states start their tax calculations with your AGI from your federal return. So let's consider the following hypothetical situations to illustrate your possible choices:
Total W2G's for the Year $125,000
Total Win using Session Accounting $18,000
Total Losses using session accounting $24,000
So if you go with the report every W2G method your federal AGI will be $125,000 higher which means you are going to owe state income tax on additional $125,000.
On the other hand if you use session accounting your federal AGI will only be $18,000 higher and that is the additional amount you will owe state tax on.
One other thing to point out - definitely research whether the state of NY will allow session accounting. The allowance can vary state by state and sometimes states have not even made a determination. If the state has not made a determination then you should look for their definition of starting income - if it says federal AGI explicitly without adjustments then I would say you could probably use session accounting in that state.
Let me finish by caveating that I am not a tax professional just someone who used MBJ's great article as a starting point and did some in-depth research on state tax implications because of my high W2G total in 2018 (had a high W2G total but ended up a net loser for the year). In my own personal situation my state explicitly allows session accounting and it ended up saving me around 6k in state income tax.
Hopefully this information will help you out.
Total W2G's for the Year $125,000
Total Win using Session Accounting $18,000
Total Losses using session accounting $24,000
So if you go with the report every W2G method your federal AGI will be $125,000 higher which means you are going to owe state income tax on additional $125,000.
On the other hand if you use session accounting your federal AGI will only be $18,000 higher and that is the additional amount you will owe state tax on.
One other thing to point out - definitely research whether the state of NY will allow session accounting. The allowance can vary state by state and sometimes states have not even made a determination. If the state has not made a determination then you should look for their definition of starting income - if it says federal AGI explicitly without adjustments then I would say you could probably use session accounting in that state.
Let me finish by caveating that I am not a tax professional just someone who used MBJ's great article as a starting point and did some in-depth research on state tax implications because of my high W2G total in 2018 (had a high W2G total but ended up a net loser for the year). In my own personal situation my state explicitly allows session accounting and it ended up saving me around 6k in state income tax.
Hopefully this information will help you out.
February 3rd, 2019 at 4:17:20 AM
permalink
Thanks, sltploppy, I didn't understand that state taxes are sometimes based on AGI before deductions are considered. Yet another reason that gambling taxes are unfair and ought to be abolished!
I updated the article to address this potential problem.
I updated the article to address this potential problem.
Presidential Election polls and odds: https://2605.me/p
February 3rd, 2019 at 6:06:43 AM
permalink
As I continue to research all of the tax laws surrounding gambling I think that the session accounting method may be my best bet.
I emailed the New York State tax department to get clarification on if they except this. Since I couldn’t find anything on their website.
Granted the W2G I received is based on actual online gambling where every transaction is recorded. I plan on pouring through these documents. To construct the actual gambling sessions. Each 24 hour day will constitute as one session based on my readings.
My overall tax owed on winning sessions will be significantly lower than what was listed on my W2G for last year. That amount could then be written off on my itemized deductions since I did incur a loss throughout the year.
So my AGI will increase, but not at the $318k figure that is listed on my W2G.
My question is will the casino report the W2G to the IRS?
I emailed the New York State tax department to get clarification on if they except this. Since I couldn’t find anything on their website.
Granted the W2G I received is based on actual online gambling where every transaction is recorded. I plan on pouring through these documents. To construct the actual gambling sessions. Each 24 hour day will constitute as one session based on my readings.
My overall tax owed on winning sessions will be significantly lower than what was listed on my W2G for last year. That amount could then be written off on my itemized deductions since I did incur a loss throughout the year.
So my AGI will increase, but not at the $318k figure that is listed on my W2G.
My question is will the casino report the W2G to the IRS?
February 3rd, 2019 at 6:08:35 AM
permalink
Quote: BV3273As I continue to research all of the tax laws surrounding gambling I think that the session accounting method may be my best bet.
I emailed the New York State tax department to get clarification on if they except this. Since I couldn’t find anything on their website.
Granted the W2G I received is based on actual online gambling where every transaction is recorded. I plan on pouring through these documents. To construct the actual gambling sessions. Each 24 hour day will constitute as one session based on my readings.
My overall tax owed on winning sessions will be significantly lower than what was listed on my W2G for last year. That amount could then be written off on my itemized deductions since I did incur a loss throughout the year.
So my AGI will increase, but not at the $318k figure that is listed on my W2G.
My question is will the casino report the W2G to the IRS?
Yes the casino will report the W2G. That’s why you should send a letter with your taxes explaining that you used the session method, which is why you reported an amount different than the W2G.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
February 3rd, 2019 at 6:27:08 AM
permalink
I efile usually. Is there a way to submit a note with that?
February 3rd, 2019 at 7:33:08 AM
permalink
Probably depends on the software, but if it doesn't let you, you can send the letter separately. Just make sure it's got your name, SS#, and identifies that it's for your 2018 Form 1040.
Presidential Election polls and odds: https://2605.me/p
February 3rd, 2019 at 7:37:06 AM
permalink
Thanks! Has anyone out there done this before?
February 3rd, 2019 at 7:39:18 AM
permalink
Quote: BV3273Thanks! Has anyone out there done this before?
Please don't tell me you are NOT going to use a professional trained and expert in this unusual type of situation......!!
February 3rd, 2019 at 7:41:59 AM
permalink
I’m going to. I’m just curious at the outcome of doing it this way and what their experience with it was.
February 3rd, 2019 at 10:28:05 AM
permalink
Ok. After the reviewing the W2G it is based on 3 days 8/16, 8/17, and 9/6.
8/17 & 9/6 only have 3 recorded W2G wins on each day. That leaves 179 qualify W2G wins on 8/16.
8/17 & 9/6 only have 3 recorded W2G wins on each day. That leaves 179 qualify W2G wins on 8/16.
February 3rd, 2019 at 10:48:32 AM
permalink
Quote: BV3273Ok. After the reviewing the W2G it is based on 3 days 8/16, 8/17, and 9/6.
8/17 & 9/6 only have 3 recorded W2G wins on each day. That leaves 179 qualify W2G wins on 8/16.
Just remember, if you use the session accounting you will need to include everyday that you gambled in 2018, not just the ones with W2G's and not just online gambling.
At my age, a "Life In Prison" sentence is not much of a deterrent.
February 3rd, 2019 at 11:05:12 AM
permalink
The only days I gambled online are the only days I actually gambled last year. Found the article below and I thought it was a pretty good read in regards to session accounting:
https://bradfordtaxinstitute.com/Content/Gambling-Per-Session-Rule.aspx
https://bradfordtaxinstitute.com/Content/Gambling-Per-Session-Rule.aspx
February 3rd, 2019 at 11:11:11 AM
permalink
Quote: DRichJust remember, if you use the session accounting you will need to include everyday that you gambled in 2018, not just the ones with W2G's and not just online gambling.
That's really hard to remember to account days that didn't generate a W2G.
In both The Hunger Games and in gambling, may the odds be ever in your favor. :D
"Man Babes" #AxelFabulous
"Olive oil is processed but it only has one
ingredient, olive oil."-Even Bob, March 27/28th. :D The 2 year war is over! Woo-hoo! :D
I sometimes speak in metaphors. ;) Remember this. ;)
Crack the code. :D 8.9.13.25.14.1.13.5.9.19.14.1.20.8.1.14! :D
"For about the 4096th time, let me offer a radical idea to those of you who don't like Nathan -- block her and don't visit Nathan's Corner. What is so complicated about it?" Wizard, August 21st. :D
February 5th, 2019 at 6:30:25 PM
permalink
Quote: BV3273
My question is will the casino report the W2G to the IRS?
Yes. 100%
Beware, I work for the dark side.... We have cookies
February 7th, 2019 at 5:08:14 AM
permalink
Question about taxes. I have heard that Table Game big wins don't count as Handpay Jackpots/don't generate W2G's. Is this correct? For example, someone said he won $5,000 on a Roulette Game and didn't get a Jackpot/Handpay/W2G. He got a free game in a slot machine later that night and he won $1200 from it and got the JHW. He was like,"Weird how I won much more money on the Roulette Game and didn't get a JHW, but on the slot machine, I got less and got the JHW."
In both The Hunger Games and in gambling, may the odds be ever in your favor. :D
"Man Babes" #AxelFabulous
"Olive oil is processed but it only has one
ingredient, olive oil."-Even Bob, March 27/28th. :D The 2 year war is over! Woo-hoo! :D
I sometimes speak in metaphors. ;) Remember this. ;)
Crack the code. :D 8.9.13.25.14.1.13.5.9.19.14.1.20.8.1.14! :D
"For about the 4096th time, let me offer a radical idea to those of you who don't like Nathan -- block her and don't visit Nathan's Corner. What is so complicated about it?" Wizard, August 21st. :D
February 7th, 2019 at 6:14:17 AM
permalink
300 times original bet on table games.
February 7th, 2019 at 12:59:56 PM
permalink
Quote: BV3273
Please tell me the casino got it wrong and I’m not on the hook for all these “jackpots”.
-BV
If they sent a copy of the W2G to the
IRS, that's what I'd be worried about.
"It's not called gambling if the math is on your side."
February 7th, 2019 at 2:26:45 PM
permalink
Quote: BV3273300 times original bet on table games.
Yes and no Must also be at least $600.
