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playing to avoid taxes

Discussion in 'Casino Gaming' started by imwired, Apr 5, 2015.

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  1. imwired

    imwired Low-Roller

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    I had a taxable win last year and my tax advisor suggested I don't do this again as I can't itemize and offset wins with losses. I play 25 cent VP. So I can avoid games where a RF pays over $1200. or I can just play to win and risk paying the tax.

    has anyone else considered this?
     
  2. BCMike

    BCMike VIP Whale

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    Taxes are tricky but my accountant/tax person had said I can write off loses up to my wins but not more so it evens out. Don't know if that's a Texas thing or federal taxes?
     
  3. imwired

    imwired Low-Roller

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    the problem I have is I don't have a mortgage so according to my tax person, the standard deductin is better than itemizing for me. and if you don't itemize you can't offset your wins with losses. This win along with some other income I had in 2014 caused me some problems.
     
  4. merlin

    merlin VIP Whale

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    You're on the right track,keep in mind that you can deduct other things besides mortgage interest to get to the itemizing threshold, state taxes/property taxes, and the other loving "charity" category are the easiest ones. So while your first w2g or two might not be enough to offset, if you win 3 or 4 it would be enough for at least a partial deduction.
     
  5. BreakEven

    BreakEven Low-Roller

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    FWIW, ALL wins are taxable.

    Definitely federal (but I believe only if you itemize). But the requirements for the records you'd need to keep to document those losses are fairly ridiculous.
     
    Only 2nd trip for year :(
  6. TKO

    TKO Low-Roller

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    This will be even a bigger problem if IRS gets their way. They want to lower tax winnings to $600, Keno included. $1200 limit for VP and slots has not been RAISED for many many years. If you use logic, shouldn't the limit go up due to inflation??? And YES you must itemize to claim you losses to offset your winnings.
     
  7. BreakEven

    BreakEven Low-Roller

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    Only 2nd trip for year :(
  8. imwired

    imwired Low-Roller

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    Well I went and won a $2K+ RF.
    Will have the deal with the consequences. There are worse problems :beer:
     
  9. shifter

    shifter Degenerate Gambler

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    one of the number one reasons why I don't play slots.
     
  10. flyguyfl

    flyguyfl Low-Roller

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    Yes, do respond to the hated and politically biased IRS but list your losses (keep a win/loss statement from each casino) and be ready to defend your rights as a taxpayer..
     
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