CAS and taxes on winnings

[jaja]

That's why it's good to belong to loyalty programs like TR to track your play - when you sign on on the websites (or call, in the case of CAS) you can request a Win/Loss Statement. When you claim the W2-G wins on your taxes, there is a line under it to subtract losses, and they almost always zero out the winnings, unfortunately.

 

Robin

 

 

Just curious..someone told me she saves all her loosing lottery tickets to count as "loss" on tax returns (when she actually has some wins casinot or lottery to claim!)--is that permissable...:confused:--

[Fishbait17]

Just curious..someone told me she saves all her loosing lottery tickets to count as "loss" on tax returns (when she actually has some wins casinot or lottery to claim!)--is that permissable...:confused:--

 

Supposedly that's true (using them to offset a "win" in the same year, can't just take a "loss" against your income unless you're a verified "professional" gambler) - but I'm no tax accountant. They are receipts for gambling after all. It would take a lot of losing lottery tickets at $1-2 each to offset a single $1200 win, though, and I probably haven't bought that many tickets in my lifetime, nonetheless a single year (that's more than three every day!). The most I have ever won in a lottery was $100, paid in cash, no information exchanged, no taxable paper receipt. TR and CAS keep much better track of my habitual losses lol..

 

Robin

[corkpopr]

In answer to the first question, yes you can be audited every year with no limit. What you are thinking of is you cannot be audited for a third year if there was no change on the prior two.

 

As for not reporting after getting a slip for winnings, the IRS matches up all reported income to them with what you report. A year after you file you will get a notice saying it appears you forgot an item or two. they make the adjustment and send you a bill, it is not an audit.

 

for the last item when your husband won the hand of poker for 3000 he was paid in chips. when he was done playing he left the table. the payout was even money and not subject to the W-2g rules

 

Ok enough about tax rules lets enjoy the cruise!

[Squidward Q Tentacles]

U.S. residents are taxed on their world-wide income. Credits may apply for taxes paid abroad for income earned abroad.

 

What about people from Canada?

[Nightengale212]

Also be aware of your state's tax rules not just federal. R.I. passed a no itemization law a couple of years back giving everyone whose income was under a certain amount would get an automatic $7,500 deduction. My taxable winnings combined with my income pushed me over the income limit to get the $7,500 deduction so I had to write Rhody a check for $5,000!! Fortunately I got most of the $5,000 back from federal because the $7,500 deduction limit does not apply there and I could write off my losses which were equal to or above my winnings.

 

For the above reason I rarely gamble in R.I. and head up the road to CT because according to my accountant I don't have to pay R.I. a dime from out of state wins. From this experience though, I now keep meticulous win/loss records just in case.

[simba_o]

What about people from Canada?

 

Lottery, casino, game show etc. winings are not taxable in Canada. (you cannot deduct losses either).