Cas win/loss statement

[Odesitka70]

Hello everyone,

 

Can't find this information anywhere, so please help. What needs to be done to obtain a win/loss statement from NCL for tax purposes? I am sure there are plenty of CC members who were lucky enough to hit some jackpots on the cruise. Please share with me if you were able to get that statement from NCL.

 

Thank you, Lina

[rollo89]

http://www.ncl.com/downloads/docs#casinos

[Paulras]

http://www.ncl.com/sites/default/files/Win_Loss_Request_03192012.pdf

 

Requires you to get the form notarized which is extreme for them to require.

 

Your question almost sounds like you want the statement to declare your winnings. I'm hoping you only want it to substantiate losses to offset already reported winnings for taxes. Should only need to declare winnings if you received a 1099 form on the ship.

 

I won two $3500 jackpots on board in June (same machine two days apart). Unfortunately, I lost some of it back over the rest of the cruise (at least it was their money). I have to declare the $7000 because I got the tax forms onboard but I'm getting the win/loss statement to prove that my net win was a lot less.

[chasinraynbowz]

Do you gamble on land? Get a profit loss statement from your land based casino.

[Odesitka70]

http://www.ncl.com/sites/default/files/Win_Loss_Request_03192012.pdf

 

Requires you to get the form notarized which is extreme for them to require.

 

Your question almost sounds like you want the statement to declare your winnings. I'm hoping you only want it to substantiate losses to offset already reported winnings for taxes. Should only need to declare winnings if you received a 1099 form on the ship.

 

I won two $3500 jackpots on board in June (same machine two days apart). Unfortunately, I lost some of it back over the rest of the cruise (at least it was their money). I have to declare the $7000 because I got the tax forms onboard but I'm getting the win/loss statement to prove that my net win was a lot less.

 

Thank you for your response. I cruised 3 times in 2014, won a jackpot on one of them. Lost much more in total in 3 cruises. They gave me 1099 when I won, but I figure I will need my losses statement to offset the winnings for taxes.

[Odesitka70]

Do you gamble on land? Get a profit loss statement from your land based casino.

 

Already got that. But 2014 was good for me, and I might need more then 1 loss statement to offset the winnings. Thanks anyway

[Odesitka70]

http://www.ncl.com/downloads/docs#casinos

 

Thank you for your help

[garycarla]

You might want to check the IRS regs, but a win/loss statement is not sufficient if audited.

 

Also, there is not form required to be filed when you file your return. If your account asks for it, you need a new accountant.

 

Also, you should have gotten a W2-G, not a 1099 unless it was some special deal.

[Paulras]

You're correct W2-G. Sad that I'm a CPA and said the wrong form (not a tax accountant)

 

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[Odesitka70]

You might want to check the IRS regs, but a win/loss statement is not sufficient if audited.

 

Also, there is not form required to be filed when you file your return. If your account asks for it, you need a new accountant.

 

Also, you should have gotten a W2-G, not a 1099 unless it was some special deal.

 

Thank you for clarifying. I got whatever they give you when you hit a jackpot. Didn't check the exact name of the form. I didn't see my accountant yet, and I don't know if he will ask, but just want to be prepared when going to see him. If you know, can you please tell me what needs to be done to offset taxes on winning if I don't use win/loss statement. My first time and I don't know how to better work this out.

Thanks again, Lina

[garycarla]

You can find it on the IRS website.

 

Basically, you need to keep a log of your play showing wins and losses. The amount of detail is often open to discussion,

 

You do not need to give anything to your accountant other than the final/annual numbers. For example:

Won $4,890. Lost 5,342. He will deduct up to the win number.

 

He does not require any paperwork from you, other than any W2-gs that are issued.

[elruth]

You can find it on the IRS website.

 

Basically, you need to keep a log of your play showing wins and losses. The amount of detail is often open to discussion,

 

You do not need to give anything to your accountant other than the final/annual numbers. For example:

Won $4,890. Lost 5,342. He will deduct up to the win number.

 

He does not require any paperwork from you, other than any W2-gs that are issued.

 

How does one keep a log of one's wins and losses in the ship's casino?

[chasinraynbowz]

Already got that. But 2014 was good for me, and I might need more then 1 loss statement to offset the winnings. Thanks anyway

 

 

WTG!!!

 

 

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[NMLady]

How does one keep a log of one's wins and losses in the ship's casino?

 

Have a small notebook with you. Write down what you gamble at each table/machine and how much you walk away with, if any.

[skeeter195]

I use a pocket date planner. Anytime I have a loss, it gets written down. Everytime I have a win that I have gotten a w2-g for, it gets written down. Most other wins never make it to the planner:rolleyes:. I have been audited once for gambling and my best weapon was my planner(according to the auditor after we were done).