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I want to thank all of you for your helpful responses. I knew that I had some nice hits throughout the year, but you can see I was a little taken back by the results of the win/loss. Please let me make sure I understand two things here.......
1. The 22K in W2G is reported, but that amount minus the $19,515 are my losses I can report ($2485.00), therefore paying taxes on the $19,515.00??
2. The $5K in checks I cashed throughout the year at the casino aren't counted as additional losses because that is part of the W/L statement??
The only part that continues to boggle my mind is the checks I've written....how to they play into all of this?
You have to report the entire $22K as income then you can deduct your losses on another line of the 1040. You can not deduct more gambling losses than winnings. The checks, bank withdrawals, etc. only help you document your play (losses). Keep in mind that if your win/loss statements shows more wins than $22K you'll have to report the higher amount.
Unfortunately, we faced the same issue several years ago. We sure would have enjoyed playing the money we sent to IRS at the casino.
win/loss statement help please!
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Lucky Larry
- Video Poker Master
- Posts: 2693
- Joined: Sat Dec 13, 2008 7:35 pm
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JIMDUECE`SWILD
- Video Poker Master
- Posts: 1451
- Joined: Sun Feb 18, 2007 1:26 pm
Ask the casino if you can get a win/loss statement broken down as a " per trip report " . Some casino's will do this for you.
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
I want to thank all of you for your helpful responses. I knew that I had some nice hits throughout the year, but you can see I was a little taken back by the results of the win/loss. Please let me make sure I understand two things here.......
1. The 22K in W2G is reported, but that amount minus the $19,515 are my losses I can report ($2485.00), therefore paying taxes on the $19,515.00??
2. The $5K in checks I cashed throughout the year at the casino aren't counted as additional losses because that is part of the W/L statement??
The only part that continues to boggle my mind is the checks I've written....how to they play into all of this?
If the only gambling that you did in 2013 was slot and VP, and you always used your card when you played, then those are the numbers. If you played any table games, they probably are not included in your W/L casino statement.
If you have records of checks written to the casino to fund your gaming, they MAY be able to be used as supporting documentation of gaming losses that are not reflected in the W/L statement. As I said, though, it only matters if you are audited, and then it depends on what the IRS will accept as supporting documentation for your claimed losses.
1. The 22K in W2G is reported, but that amount minus the $19,515 are my losses I can report ($2485.00), therefore paying taxes on the $19,515.00??
2. The $5K in checks I cashed throughout the year at the casino aren't counted as additional losses because that is part of the W/L statement??
The only part that continues to boggle my mind is the checks I've written....how to they play into all of this?
If the only gambling that you did in 2013 was slot and VP, and you always used your card when you played, then those are the numbers. If you played any table games, they probably are not included in your W/L casino statement.
If you have records of checks written to the casino to fund your gaming, they MAY be able to be used as supporting documentation of gaming losses that are not reflected in the W/L statement. As I said, though, it only matters if you are audited, and then it depends on what the IRS will accept as supporting documentation for your claimed losses.
