What do the win/loss statements say? Is the obvious (how much you won/lose) or is it all the coins in and coins out?
I hit a royal at Harrahs lake Tahoe but with no club card in it. We went there just to eat and on the way out I hit $4,000 with a twenty, But I always play at Reno and need this for taxes last year, But from what I understand you have to prove that you lose $4,000 so it offsets.
Taxes
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royal flush
- Video Poker Master
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- Joined: Fri Nov 10, 2006 12:50 pm
if you have a card they will give you a win lose statement
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shadowman
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- Joined: Mon Oct 23, 2006 5:42 pm
What do the win/loss statements say? Is the obvious (how much you won/lose) or is it all the coins in and coins out?
They vary by casino and they are notoriously inaccurate.
I hit a royal at Harrahs lake Tahoe but with no club card in it. We went there just to eat and on the way out I hit $4,000 with a twenty, But I always play at Reno and need this for taxes last year, But from what I understand you have to prove that you lose $4,000 so it offsets.
You deduct losses by placing them on SCH A. In other words you cannot take the std. deduction and they don't reduce your AGI. Thus, gambling wins (W2Gs) will reduce certain other deductions, like medical expenses. If you don't list your W2Gs on your tax return you almost certainly will be audited (letter audit at a minimum).
You are "required" by law to keep a "dairy" of ALL of your casino visits if you wish to deduct losses. You are supposed to deep track of "session" wins and losses. A "session" is not clearly defined, however, most people I know mark down each trip to a casino as a session. Some people mark down every machine they play and include the serial number of the machine. Personlly, I consider each time I walk out of a casino as the end of a session. I do keep a diary and deduct my losses each year. However, I have had a net profit for several years and pay taxes on the profit. The profit is not as much as the W2G total which makes keeping records important for me.
That said, what is the reality? The IRS knows the the vast majority of people lose in casinos. So, if you place your W2G wins on the 1040 and your losses (up to the amount you won) on SCH A, then you are unlikely to be audited (with or without a diary).
They vary by casino and they are notoriously inaccurate.
I hit a royal at Harrahs lake Tahoe but with no club card in it. We went there just to eat and on the way out I hit $4,000 with a twenty, But I always play at Reno and need this for taxes last year, But from what I understand you have to prove that you lose $4,000 so it offsets.
You deduct losses by placing them on SCH A. In other words you cannot take the std. deduction and they don't reduce your AGI. Thus, gambling wins (W2Gs) will reduce certain other deductions, like medical expenses. If you don't list your W2Gs on your tax return you almost certainly will be audited (letter audit at a minimum).
You are "required" by law to keep a "dairy" of ALL of your casino visits if you wish to deduct losses. You are supposed to deep track of "session" wins and losses. A "session" is not clearly defined, however, most people I know mark down each trip to a casino as a session. Some people mark down every machine they play and include the serial number of the machine. Personlly, I consider each time I walk out of a casino as the end of a session. I do keep a diary and deduct my losses each year. However, I have had a net profit for several years and pay taxes on the profit. The profit is not as much as the W2G total which makes keeping records important for me.
That said, what is the reality? The IRS knows the the vast majority of people lose in casinos. So, if you place your W2G wins on the 1040 and your losses (up to the amount you won) on SCH A, then you are unlikely to be audited (with or without a diary).
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