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filing taxes..

Discussion in 'Non-Vegas Chat' started by sporty8705, Feb 1, 2014.

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  1. sporty8705

    sporty8705 VIP Whale

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    So last year I happened to win 5th in a slot tournament so I was paid 2,500.. I got the 10-99 today and I need to do my taxes myself ASAP. So i have two questions.

    1- I can only deduct the losses equal to the wins right? Like I have the 10-99 for 2,500, but I can only deduct my losses euqal to my 2,500 wins right? Or if I have 5,000 in losses, can I deduct them all?

    2- Can I deduct my losses from any casino or does it have to be the casino I won at?

    I have never deducted them before.. because I never had any 10-99 wins
     
  2. leo21

    leo21 VIP Whale

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    # 1 - Only up to the $2500. But you need to be prepared to document the losses in an audit. You probably need more help than you may find here to audit proof your return. You have to do itemized deductions to even claim the losses.

    #2 - AFAIK, all gambling losses including racing and lottery.
     
  3. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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  4. sporty8705

    sporty8705 VIP Whale

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    Thanks, I will go get a win loss statement from another more local casino and do it that way.. thanks
     
  5. sporty8705

    sporty8705 VIP Whale

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    I couldnt find this, but is having the win loss statements showing a loss enough proof? ALso can I cmobine, like Harrahs says I lost 936 at all properties and if Pechanga says I lost 1600, can I combine them for the net 2500 loss?
     
  6. AceTen

    AceTen Low-Roller

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    Yes, you can combine properties. Some sources say a win loss statement isn't enough, others say it is. Honestly, it's really just in case you were audited, and then, it would be up to the person doing the audit. The more info you have, the better.
     
  7. Smo

    Smo Mr. Las Vegas

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    Did you not read the link that Shock posted? Your answers are in that first post. :poke:

    It's a very important thread for you to read in your situation this year.
     
  8. merlin

    merlin VIP Whale

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    You can deduct any and all losses from any casino or horsetrack, lottery, etc up to the $2500, you do not need any documentation of any kind unless it is questioned(which is highly unlikely), obviously having some proof is preferable just in case.
     
  9. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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    Will file my second Gambling 1040 Income tax entry next year with my 2014 taxes (hit my other RSF, that being a $4,800 progressive, on MLK weekend - happy MLK day to me :) ). Based on what I read to file the first time, beyond the record keeping aspects you are required to put your winnings (for each session) and itemize your losses, up to the amount you recorded as winnings. For my other W2G return, it about doubled my winnings (and offsetting losses).

    I keep gambling and cash records. It's easy to record after you cash out, and it gives you good records which you can turn to remember the trip. It also comes in handy if ever audited. My cash records can be substantiated by cash deposits / withdrawals pre/post trip. I don't record the number of the machine / table, but note the casino.

    In Illinois, we cannot deduct losses on the state return, one of numerous reasons to leave the state. Haven't grossed up wins/losses on the federal or state forms in non W2-G years. Not sure if anyone does beyond professional gamblers. Wish America was like most other Western nations and did not consider gambling as income. For most people it's a negative expectation activity, and government already takes their "fair share" in the form of taxes, and they also pimp the numbers racket "for the children".

    I'd say over half of my VP play over the years was at the quarter level, but I have been fortunate to hit both RSFs at the dollar level. Played in the PHo high limit room while staying for a VP tournament (won $500 free play) and a fellow gambler was playing higher limits and cranking out about 10-15 W2Gs PER HOUR. Not sure how much time, money and effort it takes to account for that level of activity.
     

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  10. Chuck2009x

    Chuck2009x VIP Whale

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    As Viva Las Vegas says and Beeejay's copy of the IRS regs state, technically, you're supposed to keep a win/loss diary of every session, then report the total of your winning sessions and offset it with the total of your losing sessions (up to the amount of wins).

    No recreational gambler does that. We all do what you'll do - pull win/loss statements enough to justify offsetting your W2-G.

    For $2,500, that's enough. You're not going to get audited for a $2,500 W2-G. If you get audited for some other reason, whoever you hire to defend will have time and know how to pull together the records you need.
     
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