HotBlonde
HotBlonde
Joined: Feb 8, 2011
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September 18th, 2015 at 3:48:58 PM permalink
So I was just curious... I received two W-2 forms during my last two Vegas trips due to a $3,125 win each time. I was told I have to file it with my taxes and I was bummed about it until someone said that my losses could offset any taxes I would have to pay on it. How does all that work? And do I have to go to every single casino I gambled at and get paperwork? I unfortunately lost a lot of money this year.
OFFICIALLY and justifiably reclaimed my title as SuperHotBlonde!
1BB
1BB
Joined: Oct 10, 2011
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September 18th, 2015 at 3:51:33 PM permalink
You should be able to get win/loss statements online.
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi
coilman
coilman
Joined: Jan 29, 2012
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September 18th, 2015 at 4:00:05 PM permalink
Quote: 1BB

You should be able to get win/loss statements online.



THE EVIL EMPIRE has your win/loss statements on total rewards site log on look on the left side

MY TR
MY OFFERS
PROFILE
RESERVATIONS
PRICE ALERTS
WIN/LOSS STATEMENT
TR STATEMENT
CASINO CREDIT


but as the fine folks will tell you they are not accepted by the taxman for showing your wins losses
you were suppose to keep DETAILED notes of all your gambling for the taxman to review should they ask for it
TwoFeathersATL
TwoFeathersATL
Joined: May 22, 2013
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September 18th, 2015 at 5:40:29 PM permalink
Quote: coilman

THE EVIL EMPIRE has your win/loss statements on total rewards site log on look on the left side

MY TR
MY OFFERS
PROFILE
RESERVATIONS
PRICE ALERTS
WIN/LOSS STATEMENT
TR STATEMENT
CASINO CREDIT


but as the fine folks will tell you they are not accepted by the taxman for showing your wins losses
you were suppose to keep DETAILED notes of all your gambling for the taxman to review should they ask for it


You can see win loss statements online, or get win/loss statements sometime next year, for this year, from 'most' establishments. An interesting topic. I would suggest a different thread title, something like 'tax help for casino winners'. I would like to watch the posts unfold, and would add some info myself as I have had to deal we the subject in depth ( and painfully ). Just a suggestion. 2F

Edit: that resulted in sounding wrong. I am a lifetime loser in casino play, but I have to spend a lot of time and effort documenting it because on rare occasions I actually win ;-) PITA was a term I learned here earlier ;-)
Youuuuuu MIGHT be a 'rascal' if.......(nevermind ;-)...2F
GWAE
GWAE
Joined: Sep 20, 2013
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September 18th, 2015 at 6:33:15 PM permalink
It is not as clear cut as that. You must itemize in order to deduct loses. Even when you itemize you still end up paying taxes on the money up to the standard deductions. I made this mistake a fee years back when I didn't think I would owe and I was unable to itemize.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
TwoFeathersATL
TwoFeathersATL
Joined: May 22, 2013
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September 18th, 2015 at 6:37:53 PM permalink
Quote: GWAE

It is not as clear cut as that. You must itemize in order to deduct loses. Even when you itemize you still end up paying taxes on the money up to the standard deductions. I made this mistake a fee years back when I didn't think I would owe and I was unable to itemize.


Sorry, but I don't understand the "you still end up paying taxes on the money up to the standard deductions" part of that statement. Sometimes I'm slower than other times ;-)
Youuuuuu MIGHT be a 'rascal' if.......(nevermind ;-)...2F
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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September 18th, 2015 at 7:51:14 PM permalink
Quote: HotBlonde

So I was just curious... I received two W-2 forms during my last two Vegas trips due to a $3,125 win each time. I was told I have to file it with my taxes and I was bummed about it until someone said that my losses could offset any taxes I would have to pay on it. How does all that work? And do I have to go to every single casino I gambled at and get paperwork? I unfortunately lost a lot of money this year.



No idea if you usually file a schedule A, itemizing your deductions, but to claim gambling losses, you will have to. However, 6250 is close enough to the standard deduction that it's likely you can make up the difference and itemize, even if you don't have a mortgage.

I would suggest you go back through your credit card statements and other records showing when you were in LV or gambling other places. ATM withdrawal slips at or near casinos can work really well, as can checks cashed at the cage, as evidence of money you spent there. Make as accurate a log as you can of the days you played, what casinos, what games; you put some detail into your thread from May about what you were playing, so maybe that would help you create the log.

This is all stuff you have to keep on hand in case of an audit, not stuff you have to provide with your filing. However, you'll need to provide a worksheet listing your losses on particular days that will go into your 1040 filing. Keep in mind you only have to/can provide enough losses to offset your win; you can't declare a net loss.

It would also be a good idea to get statements from the main places you played; you may well get enough in losses from them to do the whole offset. But any documentation helps, if it's needed at all.
If the House lost every hand, they wouldn't deal the game.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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September 20th, 2015 at 3:14:54 AM permalink
Quote: beachbumbabs

Make as accurate a log as you can of the days you played, what casinos, what games; you put some detail into your thread from May about what you were playing, so maybe that would help you create the log.

Is it ok to create a log after the fact?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
RS
RS
Joined: Feb 11, 2014
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September 20th, 2015 at 4:13:48 AM permalink
Quote: AxelWolf

Is it ok to create a log after the fact?



If it's accurate, why not? Never heard of there being a deadline as to when you gotta create a gambling log.
TXLouder
TXLouder
Joined: Jul 3, 2013
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September 20th, 2015 at 6:14:18 AM permalink
Quote: RS

If it's accurate, why not? Never heard of there being a deadline as to when you gotta create a gambling log.



IRS guidance docs and case law all require that the log be contemporaneous...

IANAL, nor a tax professional, but I recommend that any valid supporting documentation be collected in case of an audit. And I recommend against creating/forging a contemporaneous log.

-TX

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