You do not have to attach them, just have then if they audit(My first HP someone saved Dog Race slips and Lotto tickets, I had a whole shoe box)...I think most people just total wins and losses from all properties and come out with a final number. Some people say that's not right but I think that's how most do it......The last part I would have to ask my wife, we always do the long form so it's not a problem but you could be right on that last part.....Originally Posted by darrellk
Nice Darrell. Good thinking
The IRS will not accept statements from the casino for proof of losses They want a log of casinos trips... Such as dates, machines played you can look up the law. Only a problem if you get audited. No don't attach casino win/loss when you file
I never thought of it since I have itemized forever, but it looks like you have to itemize to take it. If you take the standard deduction you are out of luck.....Sorry
Limitations on loss deductions
The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years.
Reporting gambling losses
To report your gambling losses, you must be eligible to itemize your income tax deductions on Schedule A. You are eligible to itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. This means that if you claim the standard deduction, you are still obligated to report and pay tax on all winnings you earn during the year. However, you will not be able to deduct any of your losses.
Only gambling losses
The IRS does not permit you to simply subtract your losses from your winnings and report your net profit or loss. And if you have a particularly unlucky year, you cannot just deduct your losses without reporting any winnings. If the IRS allowed this, then it's essentially subsidizing taxpayer gambling.
The bottom line is that losing money at a casino or the race track does not by itself reduce your tax bill. You need to first owe tax on winnings before a loss deduction is available. Therefore, at best, deducting your losses allows you to avoid paying tax on your winnings, but nothing more.
Just gonna take my lumps on this one. I've had seven previous years with one HP and I always just had my refund reduced some. I never tried deducting losses in those previous years and to start it now would only raise red flags.
As I have kept zero accounting records for my gambling the last thing I need is an audit.
As I mentioned at the start of this thread I made enough in the last week to cover my tax burden so I think the wisest and safest thing to do is maintain the status quo. Thanks for everyone's input.
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I'm a Joker, a Nonsmoker, & a former Midnight Toker.... Steve Miller Band
I wouldn't worry about an audit. With only 3 lower hand pay's you're just small potatoes to them. I would show gambling losses for the year to keep some $$. But, it's up to you?Just gonna take my lumps on this one. I've had seven previous years with one HP and I always just had my refund reduced some. I never tried deducting losses in those previous years and to start it now would only raise red flags.
As I have kept zero accounting records for my gambling the last thing I need is an audit.
As I mentioned at the start of this thread I made enough in the last week to cover my tax burden so I think the wisest and safest thing to do is maintain the status quo. Thanks for everyone's input.
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If you have ever done the WOS at the casino and have used the casino ATM, you can also put that as a loss. I questioned this with my accountant, and she said that it is a legal deduction against your losses.
I had 18 W2-Gs last year and 19 W2-G's this year. I declared losses to match my winnings (no problem since I had marker receipts and a tracking log).
Unless your total winnings is 6 figures, I wouldn't worry unless there's something else on your tax return that's a red flag for audit. Mine were in the mid 5 figures.
Just my .02
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