Gambling wins and taxes

[RiverRat1]

So as to not derail other threads... If one was to win say 25k playing a slot machine I assume the casino cuts you a check. Then you have to file taxes on it since they report it.

My question is how do you subtract all your other slot machine losses for the year? Same question applies to any form of gambling like the lotto.

[Boomerang]

Receipts, the casino should have a record of your spending. No records, a windfall for the revenue system.

[SamSowell]

https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt

You got me curious as well, this helps a bit.

[AgHntr10]

If you play with a players card the casino will give you a win/loss statement for the year.

[scott1022]

Wow, very interesting. I would have never thought about that. Obviously the tax laws have, so that's good.

[LROSE]

When you get your winnings you get a 1099 form as well. This shows you won the money without paying taxes. Turn in your 1099 forms with your W-2 to your CPA or Tax Prep person and they input the figures in as non-taxable earnings.

[Blank]

You will get a 1099-G for the winnings. If you are a U.S. citizen and provide your Soc. Sec.#, you can take the entire amount. if a foreign national or do not provide SS, they will withhold 20%....

When you file taxes, you can deduct losses UP TO the amount of the winnings, but you must declare and be able to prove the losses. They recommend (require) a log of your history and physical proof (tickets) to substantiate the losses.

Most people think about it too late, after the win to be able to write off a lot of the losses.

[glen]

You gotta use a casino card. It tracks your winning and losses. You do withhold some at the casino if you win a sizable amount but it is not near enough to cover your final tax liability

[Lawhunter]

What winnings? They are liars

[glen]

They know your winnings when you win any substantial amount. You are paid in the office fill out tax paperwork.

[dbaio1]

Makes bookies and back room game rooms better doesn't it..... LMAO

[Tony Gutierrez]

Yep anything over 2500 or so will lock the machine up and you get your cash or a check for that amount and also a 1099 for each win.

Then when playing with a players card/tracking card you will build a win/ loss statement available after December 31.

If you play at multiple Casino's you would have a win/ loss statement from each. The TX lotto will track the same way on any significant win. (you get a 1099)

lets just say 2015 was a great gambling year and March 2016 was terrible month for taxes. They will not take your word for losses. You need receipts and logs.
(The players card is big government but it's not like the cameras at the Casino did not see you.)

[AJMag]

When you get your winnings you get a 1099 form as well. This shows you won the money without paying taxes. Turn in your 1099 forms with your W-2 to your CPA or Tax Prep person and they input the figures in as non-taxable earnings.

It is taxable, so i wouldn't trust a cpa entering it as non-taxable.


Also be aware that if you win enough money in states with state tax filings, you may be required to file a nonresident state tax return and pay the state their portion as well. I think Louisiana is one, can't remember about Oklahoma.

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[locolobo]

Can't answer as I have never won enough to pay taxes on! Penny slots don't pay out much!

[Blank]

The taxable amount varies by the game. Some have limits of 1000, some 12-1400, and slots I believe are 1500. The wife and I occasionally vacation in Nevada, and gamble while we are there. She only plays slots, and cashes out most of her small winnings frequently and puts in her purse. I only play craps and can make between 200-500 each session. Only playing good bets and take advantage of odds. I do NOT use a players club card, as I don't wish to be tracked. They give me enough on the spot comps, that I don't need too build a history for them. We go from Sun-Thurs and rooms are so cheap I just pay the $59 bucks. Do not drink while gambling, and treat it like a business. Yes, it is fun to be amid all the yelling and screaming, but don't let it carry your strategy away. I have only had to file one 1099-G in the past