Players cards, win loss statements, taxes

[backsider]

Marie, I understand about what the state gets, but why do you say you know you have to pay federal taxes on the two wins? Just do what everybody else does and claim losses up to the amount of your w2g wins on that schedule A. Adjust whatever gambling log you keep and youre good to go. In the very small event you get audited you have a perfect trail for them to trace, and since they dont give a hoot about casino statements youre all set.

[JIMDUECE`SWILD]

Some casino may give you a win/loss statement that is broken down into per trip. Earlier this year I went to the Borgata casino credit and ask if it was possible if I could get a win/loss statement that was broken down into per trip. They gave me an employee's name and extension. I called and left a voice message with what I wanted with my card # and I had it in a week. The date and win/loss for each trip.

[shadowman]

I never bother with win/loss statements. I have my log if I get audited.
 
Just do as BS stated. Wins on the 1040 (equal to or greater than the total of your W2Gs) and losses on sch. A. If you won for the year the difference of the two should be your total winnings.
 
Of course, if you did not keep track you could have problems. You would probably need the the win/loss statements to help you decide where you ended up overall. However, if you do get audited the IRS could decide they are not useful and without a log you would be liable for the total of your W2Gs.

[marie meijer]

Thank you backsider, Jim and Shadow! You have alleviated some of my fears! We have been away, our printers are down and apparently there is no rush to obtain win loss statements! It just seemed like I should have my win loss statements lined up by tax due date.

[BillyJoe]

Tks LL for your interesting comments!
Furthermore, I accidentally won $6K on two hits at Harrah's, Joliet, IL and received two W2Gs. On the state tax portion "where required". I have asked a tax guy, three smart members on this site and searched the net to no avail. I know I have to pay federal taxes on those wins. I assume I am also responsible to pay my MI taxes on that $6K from IL. It appears MI is reciprocal with IL. Any ideas on this one?

I may have already commented to you on this one, MM, but as a FLA resident, I pay NO ILLinois state taxes on W2G wins there. In fact, if my only ILL income was casino gaming, I do not even have to file a state return.
 
Now, as Michigan resident, you may have a different state tax scenario. I would not, however, see where you would owe MI state taxes on earnings from ILL. But I am no tax guy.
 
As I see it, it is just another reason for you to move to FLA.  

[BillyJoe]

As far as Win/loss casino statements go with regard to IRS audits, I have heard of situations on both sides of the question, where the Feds accepted them as proof of losses, and have not. I could never understand the logic of a hand-written log holding more credibility in the eyes of the IRS than a W/L statement, but then again, it IS the government we are talking about.
 
I have a pending issue for 2009, where I submitted copies of my W/L statements (no log) when requested by the IRS for more info on my Schedule A. When I get a final answer from them, I will let everyone know.  

[mightwin]

After my first two $2,000 wins on (heaven forbid) slot machines I had mentioned getting the taxes taken out before getting paid to a friend that worked in casinos.  He was mortified.  His suggestion was to NEVER do that again - but add up all the W2G's around November, and if I had to, go every day in December and cash a check at the casino cage.  (Even if I had to run that cash back to my bank account.) His suggestion that I cash checks or get money from casino ATM's could be used as a reference - because the nice tax people cannot prove you did not gamble the money in that fine establilshment.  They also cannot prove you walked out a winner for any single win under $1,200. I do look around parking lots while going to my car, haven't seen any men with black suits trailing after me, yet.

[Lucky Larry]

Tks LL for your interesting comments!Furthermore, I accidentally won $6K on two hits at Harrah's, Joliet, IL and received two W2Gs. On the state tax portion "where required". I have asked a tax guy, three smart members on this site and searched the net to no avail. I know I have to pay federal taxes on those wins. I assume I am also responsible to pay my MI taxes on that $6K from IL. It appears MI is reciprocal with IL. Any ideas on this one?



marie,
We file a Louisiana Income Tax even though we are residents of Texas, 1) required by La. since the gambling wins are considered income; 2) we get a rebate of our La. gambling tax (6%) by filing. You may need to check.

LL

[marie meijer]

His suggestion was to NEVER do that again - but add up all the W2G's around November, and if I had to, go every day in December and cash a check at the casino cage.  (Even if I had to run that cash back to my bank account.) His suggestion that I cash checks or get money from casino ATM's could be used as a reference - because the nice tax people cannot prove you did not gamble the money in that fine establilshment.  They also cannot prove you walked out a winner for any single win under $1,200. This makes sense, mightwin. However, that would only apply to the Federal taxes that might be written off with losses. STATE taxes have to be paid, regardless. So I prefer to have state taxes taken out at the time of the win. That saves me from spending/losing that amount or being mugged in the parking lot and losing that much money.  But that does not prove you played on that money and lost in that casino. However, WINDSOR Caesar's Casino Canada will not take checks. Native American Soaring Eagle at Mt Pleasant, MI had an independent company cashing checks and they required a social security number that none of us should ever share unless forced. (Even at a Drs office, we refrain from providing our social on their forms. The more peeps that have access to that social, the greater the chances of identity theft.) Years ago, I cashed a check at Harrah's Laughlin and they said it was their policy to not cash another check there from me for several months. With online banking and ATMs almost everywhere, we hardly write checks anymore. If you use a casino ATM you will probably be paying double fees to them and your bank. One gal picks up discarded receipts at casino sports bars to use as proof of losses which conjures up visions of a shoe box full of small amount receipts.

[davidearl]

Tks LL for your interesting comments!Furthermore, I accidentally won $6K on two hits at Harrah's, Joliet, IL and received two W2Gs. On the state tax portion "where required". I have asked a tax guy, three smart members on this site and searched the net to no avail. I know I have to pay federal taxes on those wins. I assume I am also responsible to pay my MI taxes on that $6K from IL. It appears MI is reciprocal with IL. Any ideas on this one?