Lets talk taxes...

[BillyJoe]

To answer Roveer's question, yes, if I am lucky enough to get a large handpay, such as the $64k that I had @ Caesars last year on $1 Double Pay, I will have some Federal taxes withheld at the time of the hand pay. I avoid any penalties when filing taxes by not having enough withheld that way.



 
As to MM's question regarding audits, the IRS requested supporting documentation for my Schedule A deductions, which include the gambling losses, on my 2009 tax return. This was completed with me sending copies of my casino Win/Loss Statements for that year. The IRS accepted that, and closed the audit. It was all handled by mail.  

[Buffilita]

Billy, I do report all W2Gs as earned income, but I show losses according to the win/loss statement and as allowed by law.  I don't just report the balance. 
 
Since most of my wins are at Cherokee, I always owe NC where you can't offset with losses

[roveer]

Billy, I do report all W2Gs as earned income, but I show losses according to the win/loss statement and as allowed by law.  I don't just report the balance. 
 
Since most of my wins are at Cherokee, I always owe NC where you can't offset with losses

[**** disregard, I misread the post ****]

Are you saying you report your net result for each trip? Example, if you get a 1000 hand pay but lose the entire 1000 during the trip you report a 0 gain? Sounds like what you are saying but others are saying that is not allowed.

[sam434343]

Sometimes taxes laws can be complex, Royalflush knows about tax laws Yes!? Me and other half play in another state where they have gambling taxes cant remember if 4 or 6% all $1200 and over we have won get federal taxes taken out right there 25% are state up till two years ago was 10%gambling taxes and trust me they find out if you win over the $1200 mark they check with IRS(i called state treasury on this yaers ago) so years passed we paid on all those wins 10% for are state, now the state we won in didnt take out any taxes(not sure why?) for there state taxes could be because we live in another state not sure , if you win all the state that have taxes want there cut and federal goverment wants there,s. Its the american way LOL! Sam

[BillyJoe]

Billy, I do report all W2Gs as earned income, but I show losses according to the win/loss statement and as allowed by law.  I don't just report the balance. 
 
Since most of my wins are at Cherokee, I always owe NC where you can't offset with losses
Gotcha. Being from FLA, I, too, cough up some NC taxes with any handpay @ Cherokee. But, you meet nice people there..  

[TxGameShowFan]

For your listening pleasure: Gambling With an Edge from August 9th with Anne Freid-Lefton. Sadly, about as dry as you can expect from heavy discussion on taxes, but a good overview.

A side note: I highly recommend subscribing to their podcast. No matter how technical, I haven't heard a bad show yet.

[faygo]

Billy, I do report all W2Gs as earned income, but I show losses according to the win/loss statement and as allowed by law.  I don't just report the balance. 
 
Since most of my wins are at Cherokee, I always owe NC where you can't offset with losses
 
This really GRINDS MY GEARS., but as in-stater thanks SC and FL for your contributions. 

[spxChrome]

gawd i hate these freaking w2's last year i probally had close to 100 of them.  I keep real good recrods of each trip along with debit reciepts.  But really they need to raise the 1200$ limit.  Its been like that for 20+ years.  $1200 today is not what it used to be.  They really should raise it to 2500$.  Because at HL 1200$ isnt squat.

[BillyJoe]

gawd i hate these freaking w2's last year i probably had close to 100 of them.  I keep real good records of each trip along with debit receipts.  But really they need to raise the 1200$ limit.  Its been like that for 20+ years.  $1200 today is not what it used to be.  They really should raise it to 2500$.  Because at HL 1200$ isn't squat.
With our National Debt having just crossed the $16 TRILLION mark, what are the chances of the Feds raising the reporting threshold of $1200 and potentially collecting LESS Federal taxes? Can you say..... ZERO !