Taxes

Reply #24

destinycreation — Fri, 19 Feb 2016 07:54:47 GMT

You seem to have a lot of excess discretionary income ??? What do you do for a living

Reply #23

minniem — Fri, 19 Feb 2016 06:04:30 GMT

Unfortunately I don't use a card at the casino... I always leave it in the slot and forget about it. I did keep a diary of how much we went in with and came out with, date, where. I'm also printing out bank statements to show my atm withdrawals (I'd pull $1200 a day, a month before my casino trip until I reached how much we wanted to go with)

I have a garbage bag full of my losers for year. I still have to finish counting them out. I've counted over $8000 so far. I kept the year before sepera... [ More ]

Reply #22

JAMORA — Fri, 19 Feb 2016 04:38:15 GMT

Get a win/loss statement from the casino if you used a reward card. it's all recorded....Make a copy and attach it to your return, or file it with your efile docs....

Count your scratchers and box them with the amount inside and year marked clearly on the outside....

Reply #21

minniem — Fri, 19 Feb 2016 02:13:49 GMT

Thank you. I'm going to go ahead and do that.

Reply #20

TheGameGrl — Fri, 19 Feb 2016 00:45:22 GMT

The losing tickets for the year filed are legitimate documents of proof.

Save them for five years with your filed form.

Reply #19

minniem — Thu, 18 Feb 2016 21:33:48 GMT

Yes. The gambling winnings that I am claiming are in w2g form. I had 6 of them. I kept a journal for my casino visits which shows pretty big losses. And in order to write off the full gambling income, I would have to include my losing scratch offs that I've saved over the year which is more than enough to cover the rest.

If I get audited and they don't accept my proof of losses and say that I owe them... I would be okay with that. I just don't want them to say I was trying to fraud them or e... [ More ]

Reply #18

RedStang — Thu, 18 Feb 2016 17:59:42 GMT

Did the casino make you a w2g. If not i would of just tried to cash it there and kept quiet.

Reply #17

KY Floyd — Thu, 18 Feb 2016 17:14:29 GMT

That's never a bad idea, especially if you've got anything on your return that's not plain vanilla. They're going to tell you that you can deduct your losses from the same year, up to the amount you won. You can make it a bit more complicated by claiming the net winnings from each time you cashed out at the casino, such as winning 19k based on the 20k win and a 1k loss, but the simple way is to just declare the gross winnings losses. That's probably what would be reported to the IRS on the 1099,... [ More ]

Reply #16

minniem — Thu, 18 Feb 2016 03:42:06 GMT

My wins were 20k on a scratch off and 20k on a slot machine. I had a 1k scratch off and and a couple of smaller jackpots on slots.

I guess I am going to have to consult with a tax professional. Like I said before, I don't want to write everything off and down the road get audited and be accused of tax fraud/evasion. We aren't trying to do anything illegal. Just have gambling problems! Lol.

Reply #15

KY Floyd — Thu, 18 Feb 2016 03:13:24 GMT

I've been told that I can't do it and I've been told that I can do it.

Bummer. It's too bad that there isn't some profession that deals with this sort of thing, so that you could get competent help from somebody who actually deals with that sort of thing for a living.

Reply #14

GatorShea — Thu, 18 Feb 2016 02:47:40 GMT

My fingers would be bleeding from all of that scratching. Also, that is a lot of scratch spent on those tickets.

Reply #13

TheMeatman2005 — Thu, 18 Feb 2016 02:47:00 GMT

I had not noticed earlier, but I see that you are a new member....Welcome to LP

Did you at least pay off some if not all of bills you might have owed before spending the proceeds of your win?

What did you win the 45k on

Reply #12

minniem — Thu, 18 Feb 2016 02:39:20 GMT

Yes. I counted one bag so far with around $9000 in losing tickets. I still have another bag to add to it which will put me way over my $45000 in winnings in addition to my losses at the casino.

Reply #11

GatorShea — Thu, 18 Feb 2016 02:29:32 GMT

Do you have a lot in scratch off losses

Reply #10

minniem — Thu, 18 Feb 2016 01:51:23 GMT

It was an exciting year. Just nervous about using my losing scratch offs to deduct losses since I've been told that I can't and can.

Reply #9

GatorShea — Thu, 18 Feb 2016 01:46:24 GMT

I'm glad you kept track of all of your losses. Sounds like a pretty exciting year overall.

Reply #8

minniem — Thu, 18 Feb 2016 01:22:44 GMT

Yes. I have 45,000 in winnings and I have over 45000 in losses ( of course I can only write off up to how much I won through w2-g's.

Reply #7

GatorShea — Thu, 18 Feb 2016 01:14:00 GMT

That is a rather large swing. Did you lose a lot gambling

Reply #6

minniem — Thu, 18 Feb 2016 01:11:29 GMT

I ran numbers. A standard deduction puts us owing $5100. If I itemize and deduct my gambling losses against all of my gambling winnings, my refund is $3100 (give or take a few dollars).

Reply #5

GatorShea — Thu, 18 Feb 2016 01:00:07 GMT

It is not a dollar for dollar tradeoff between winnings and what you can write off.

Reply #4

minniem — Thu, 18 Feb 2016 00:49:05 GMT

Thank you for the replies. I've been told that I can't do it and I've been told that I can do it. I just don't want to get down the road and get audited and be accused of fraud. All of my losses are true losses and it makes the difference between paying $5100 or receiving back $3100.

Reply #3

Murgatroyd — Thu, 18 Feb 2016 00:21:02 GMT

If the scratch off ticket has the sale price printed on it (I believe they generally do) and is visibly not a winner, it should suffice as a record of your loss.

I am not a lawyer or tax expert. I suggest consulting a professional. You can clearly afford it.

Reply #2

minniem — Thu, 18 Feb 2016 00:12:03 GMT

So when I read must be able to provide receipts, tickets I interpret it as being able to use my losing scratch off tickets. What is your opinion on how that could be interpreted

Reply #1

TheMeatman2005 — Wed, 17 Feb 2016 22:40:58 GMT

copied from https://www.irs.gov/taxtopics/tc419.html

Topic 419 - Gambling Income and Losses

The following rules apply to casual gamblers. Gambling winnings are fully taxable and you must report them on your tax return. Gambling income includes but is not limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Inco... [ More ]

Taxes

minniem — Wed, 17 Feb 2016 22:06:37 GMT

Hello,

We won a total of $45,000 in lottery winnings and casino winnings. I've saved all of my losing scratch offs for the year and kept a diary of our casino trips. We have more than enough to write off all of the winnings.

Has anyone wrote off losing scratch off tickets? Any advice? They are true losses and I hate to pay the IRS a crap load of money.

Thanks