How many are reporting gambling winnings to the IRS???
- Thread starter Majman
- Start date
Re: How many are reporting gambling winnings to the IRS???
If you pull a slot mackine handle the first time and win $51. and continue to play and lose a $1000 same day and time; you must still report that $51. win.
My question: why doesn't the IRS hang out at racetracks to really enforce the law on all wins?
If you pull a slot mackine handle the first time and win $51. and continue to play and lose a $1000 same day and time; you must still report that $51. win.
My question: why doesn't the IRS hang out at racetracks to really enforce the law on all wins?
Re: How many are reporting gambling winnings to the IRS???
Don't your winnings go through your bank account? How can you explain in case of an audit?
Re: How many are reporting gambling winnings to the IRS???
IF They want to come after you, a bank account--means NOTHING; if i understand it. But maybe wrong.
IF They want to come after you, a bank account--means NOTHING; if i understand it. But maybe wrong.
kinosh
2
Re: How many are reporting gambling winnings to the IRS???
The IRS does not allow you to net your wins and losses. You are required to report your GROSS winnings on Form 1040 line 21, then deduct your losses up to the winnings on Schedule A line 28.
This method screws you if you have any deductions or credits based on your AGI (such as the Child Tax Credit, Medical and Dental Deductions, and Job Related Expenses). It may also affect your state return. So just because you netted a gambling loss, you could owe more taxes because of your gambling activities.
I've reduced my gambling quite a bit after seeing what it does to my return. Even when you win, you lose in the eyes of the IRS.
The IRS does not allow you to net your wins and losses. You are required to report your GROSS winnings on Form 1040 line 21, then deduct your losses up to the winnings on Schedule A line 28.
This method screws you if you have any deductions or credits based on your AGI (such as the Child Tax Credit, Medical and Dental Deductions, and Job Related Expenses). It may also affect your state return. So just because you netted a gambling loss, you could owe more taxes because of your gambling activities.
I've reduced my gambling quite a bit after seeing what it does to my return. Even when you win, you lose in the eyes of the IRS.
Re: How many are reporting gambling winnings to the IRS???
If you make any serious money gambling, you should declare as prefessional gambler, anything over $10,000 or so.. You can do this seperate from you day job..
You can write off all your expenses associated with gambling.. If you take a trip to vegas you can write off your flight, hotel, rental car, and food.. If you drive you car to a casino you can write off the miles... You can also write off any computer equipment you buy to play online and also your internet service...
If you make any serious money gambling, you should declare as prefessional gambler, anything over $10,000 or so.. You can do this seperate from you day job..
You can write off all your expenses associated with gambling.. If you take a trip to vegas you can write off your flight, hotel, rental car, and food.. If you drive you car to a casino you can write off the miles... You can also write off any computer equipment you buy to play online and also your internet service...
Moldoveanu
EOG Master
Re: How many are reporting gambling winnings to the IRS???
well if you lose money you still have to report it!!
thats what my father said if you win at anything lottery,
casino sports, or if you lose a lot of money at casino or win
if y ou lose a lot of money at casion you can report it and they will
give you some money back!! thats what my father told me
but i dont want to tell him cuz if i do hes going to fucking go nuts on me when i tell him how much money i lost!!
i dont know what to do tell him or not!
well if you lose money you still have to report it!!
thats what my father said if you win at anything lottery,
casino sports, or if you lose a lot of money at casino or win
if y ou lose a lot of money at casion you can report it and they will
give you some money back!! thats what my father told me
but i dont want to tell him cuz if i do hes going to fucking go nuts on me when i tell him how much money i lost!!
i dont know what to do tell him or not!
Re: How many are reporting gambling winnings to the IRS???
Once you declare yourself as a "prefessional," I don't think the IRS cares anynore.
Nobody, I mean nobody, fucks with a prefessional.
Once you declare yourself as a "prefessional," I don't think the IRS cares anynore.
Nobody, I mean nobody, fucks with a prefessional.
Re: How many are reporting gambling winnings to the IRS???
A bettor's federal taxes are as described, but any US bettor's state taxes may be vastly different, depending on the bettor's state of residence.
Such states' gambling laws were written with lottery winners in mind, not sportsbettors.
There are about five states in the US that don't allow a sportstbettor to declare losses against wins. That is, if you win $10,000 and lose $11,000 in 2007, then you must pay taxes on 10 dimes won. In such states, a player's state income tax may be much higher than his total federal income tax. Vomitous, isn't it?
And a betting journal, as per IRS guidelines, is mandatory when sitting across the table from an IRS agent.
A bettor's federal taxes are as described, but any US bettor's state taxes may be vastly different, depending on the bettor's state of residence.
Such states' gambling laws were written with lottery winners in mind, not sportsbettors.
There are about five states in the US that don't allow a sportstbettor to declare losses against wins. That is, if you win $10,000 and lose $11,000 in 2007, then you must pay taxes on 10 dimes won. In such states, a player's state income tax may be much higher than his total federal income tax. Vomitous, isn't it?
And a betting journal, as per IRS guidelines, is mandatory when sitting across the table from an IRS agent.
mr merlin
EOG Master
Re: How many are reporting gambling winnings to the IRS???
Thanks for the advise anyway.:whatever:
You must be a very straight shooter my friend. I guess I really dont care what the IRS "allows" or doesnt allow, I've got alot more things to worry about than pesky little things like tax laws - based on your ridgid view, everybody, and i mean everybody who goes to a casino would be in gross violation since they would be required to tally up each and every small slot payout(10 credits on a 2 cent machine for ex.) and then report them and deduct the losses later.
Thanks for the advise anyway.:whatever:
Re: How many are reporting gambling winnings to the IRS???
But you "got alot more things to worry about than pesky little things like tax laws"?
:doh1
But you "got alot more things to worry about than pesky little things like tax laws"?
:doh1
ERBtheGREAT
EOG Dedicated
Re: How many are reporting gambling winnings to the IRS???
I bet on credit and get paid in cash so no
I bet on credit and get paid in cash so no
janus
EOG Dedicated
Re: How many are reporting gambling winnings to the IRS???
exactly right.
i claimed as a pro & netted.
exactly right.
i claimed as a pro & netted.
Re: How many are reporting gambling winnings to the IRS???
I am claiming my winnings. I think that the IRS is going to have a hard on for anyone involved with internet gambling. If you have a lot of money going in and out of your bank account....beware. Dont ruin your life if you are fortunate enough to show a profit. Report it.
I am claiming my winnings. I think that the IRS is going to have a hard on for anyone involved with internet gambling. If you have a lot of money going in and out of your bank account....beware. Dont ruin your life if you are fortunate enough to show a profit. Report it.
winkyduck
TYVM Morgan William!!!
Re: How many are reporting gambling winnings to the IRS???
i don't have to worry about this since i have never won any money gambling and have only lost money. if i did win any money i would declare it because not doing so would be illegal and i never do anything illegal
i don't have to worry about this since i have never won any money gambling and have only lost money. if i did win any money i would declare it because not doing so would be illegal and i never do anything illegal