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According to my accountant.....

Discussion in 'Casino Gaming' started by Ben Jammin, Oct 4, 2015.

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  1. Ben Jammin

    Ben Jammin VIP Whale

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    Gambling winnings may only be offset by gambling losses. In the event you do hit the big one, it's a good idea to keep a journal of you losses. ? Who tracks those? When I hit the Mega Bucks I want the minimum taxation. Don't you?

    Little notebook. Ballpoint pen. Who'd a thunk it?
     
  2. paperposter

    paperposter VIP Whale

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    thats why theres players cards ,u can a report of your win losses from all casinos much easier
     
  3. jpw711

    jpw711 VIP Whale

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    I use a spreadsheet on my smart phone. Helps me track tier points also.
     
  4. merlin

    merlin VIP Whale

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    You only need a log(or records) if you are audited, very small chance of that unless if you win a giant jackpot and offset the whole shebang.
     
  5. nostresshere

    nostresshere Mr. Anti Debit Card

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    Agree with that.

    There have been reports that the casino win/loss may not be enough if audited.

    No matter what, it still all goes on the FIRST page of your 1040 which impacts a number of things taxwise, even if you deduct all the wins on the itemized portion.

    And of course, all wins are supposed to reported.
     
  6. shifter

    shifter Degenerate Gambler

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    They're not even close to correct unless you play slots only.
     
  7. paperposter

    paperposter VIP Whale

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    on table and slots i get my statements that way and get any extra w-9s

    mine tell me what i lost on tables or won

    then what other way for tables
     
  8. leo21

    leo21 VIP Whale

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    The IRS doesn't always accept win/loss statements. A lot would have to change with standardizing the casinos reports and with player behavior for that to happen. They do expect a diary of all activity if you end up audited and you have to do itemized deductions to even claim losses. Love or hate her, Jean Scott's books and blogs have some useful info on gambling taxes.
     
  9. Ty

    Ty ?

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    Small notebook. Just make a record of the game, location, and win/loss for each session.
    I do this for video poker.
     
    Christmas Trip. Sam's Town & MSS
  10. Tbone3336

    Tbone3336 VIP Whale

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    Their vague requirements for a journal include, date, time, whom you played with, machine or table number, casino, average bet, time played etc. Having not been through this yet I do keep a detailed log of every session via gambling track on my iPhone then later transfer it to an excel spreadsheet, does not take to long.
     
  11. CJ's

    CJ's Low-Roller

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    Wow that sucks

    Kinda sucks all the fun out of gambling IMO, glad we dont have to go through all that BS :faint:
     
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  12. zoobrew

    zoobrew Tourist

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    Some more tax info if you hit the big one. Also how $33m quickly becomes only $12m and you thought illusions were only for LV magic shows.
    THE TAXMAN COMETH

    Imagine: You just hit a $33 million jackpot on Megabucks. If you're lucky, you'll see half of that after taxes. It's a cruel world, but Uncle Sam wants his cut. How you choose to receive your payout helps determine exactly how much you'll cash in. Here's how it works:





    • Jackpot taxes

    If you win $1-$1,199: You cash out and go. The IRS doesn’t care about jackpots less than $1,200.

    If you win $1,200 - $4,999: Now you’ve entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren’t obliged to take out withholdings. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS.

    If you win $5,000 or more: The IRS will consider your winnings part of your income, which could bump you up to a higher tax bracket. If you hit it really big, expect to pay up to 40 percent in income taxes. For that $33 million Megabucks jackpot, that would be more than $13 million.

    • Payment options

    Most slot companies give winners two ways to receive their money. The choice you make could have important tax implications.

    Lifetime payout: This is a set annual payout for a certain number of years. For IGT, maker of Megabucks, it’s 25 years. On a $33 million jackpot, that means an annual payout of about $1.3 million and an annual tax bill of $525,000. That’s just more than $13.1 million in taxes over the span of the payout.

    Lump Sum: Winners have 60 to 90 days to decide whether they want a lump sum or lifetime payment. If you opt for a lump sum, you’ll have to deal with a hefty interest rate. That’ll leave you with 60 percent of your jackpot. But don’t forget: you still have to pay the government. From the remaining $19 million, the IRS will demand another 40 percent, leaving you with about $12 million.

    http://lasvegassun.com/news/2014/mar/09/what-happens-when-you-win-jackpot/
     
  13. merlin

    merlin VIP Whale

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    You left out the part about offsetting your wins with losses(you do have to itemize). I never understand the doom and gloom people, it's unlikely you're going to win...and if you do you can offset most or all of that reportable income...so what are you getting all upset about?
     
  14. leo21

    leo21 VIP Whale

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    You can offset a Megabucks win with comparable losses?
     
  15. paperposter

    paperposter VIP Whale

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    yes , but its a slot offset.
    i belive you would get it back at the end of the year .
    i won 50 k no taxes out , i was able to off set it agianst my slot loses that year only payed on my winnings
     
  16. merlin

    merlin VIP Whale

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    Of course you can, you can offset all gambling losses, there is no slot for slot, lottery to lottery, etc requirement.
     
  17. jon_vegas

    jon_vegas Low-Roller

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    Yup I won a $15k table progressive last year and offset the entire thing with losses. They took out 25% off for taxes and a W2G. Unfortunately, it did bump my tax bracket up and still had to pay additional taxes at the end of the year. But I'll take any win.
     
  18. deanandmaria

    deanandmaria Tourist

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    I dont think the poster is questioning the logistics part, but more the common sense part.

    What player who wins Megabucks will have the sheer ability to claim losses against that much money unless they are trying to give it all back? For people with regular losses in that order of magnitude, I don't think Megabucks is what they are playing in a casino.
     
  19. nostresshere

    nostresshere Mr. Anti Debit Card

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    I am confused. You say offset it, but had to pay additional taxes, even after they took 25%. Math does not seem to add up.
     
  20. jon_vegas

    jon_vegas Low-Roller

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    the 15k counts as income and bumped my tax bracket up. I may not owe anymore for the 15k but I have to pay the difference in tax % for the rest of my income.... plus they only took federal tax, not state tax. i'm on the hook for my state tax for the entire 15k... Anyway, I usually get refunds at the end of the year, but last year I had to pay.
     
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