Casino Win/Loss Statement

[Cruisergal1208]

Has anyone ever reequested a win/loss statement from MSC casinos and if so, who did you contact do so? Actually won enough on a Divina cruise last year to make getting one beneficial. Hubby doing taxes and said we really need to get this statement.

 

Thanks for any help with this matter.

Mary

[Shippy]

Has anyone ever reequested a win/loss statement from MSC casinos and if so, who did you contact do so? Actually won enough on a Divina cruise last year to make getting one beneficial. Hubby doing taxes and said we really need to get this statement.

 

Thanks for any help with this matter.

Mary

 

did they give you a tax statement when you won ???

[Cruisergal1208]

I didn't win it all at one time. It was a large accumulation over a two week period. Knew when to cash out and walk away and come back another day.

Edited March 4, 2015 by Cruisergal1208

[Cruisergal1208]

I'm beginning to believe no one has tried to obtain a win/loss statement from MSC. Do you just not report your winnings vs losses on your income tax filings? Hubby doesn't want to do that. Wants to report it. Oh, well!!

[dawgdawg]

How does reporting additional income help you lower your taxes?

[Cruisergal1208]

How does reporting additional income help you lower your taxes?

 

Don't think that is his goal. I guess he wants to be honest and report the winnings as income.

[Alex71]

Don't think that is his goal. I guess he wants to be honest and report the winnings as income.

 

 

Since when is gambeling "income" taxable and since when are gambeling losses tax deductable? This is the first time I'm hearing this and I don't think it's a correct assumption.

 

I wouldn't worry about the certificate.

 

 

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[rolloman]

In a casino if you have won over $1,500.00 in a one time payout you may be given a 1099 form at the time of payout. This is the form you use to file taxes as a gain. It often is debated that a ship in international waters and not in US territory does not constitute US law. Therefore if you do not get a 1099 form at time of winning, this means the ship is not reporting your winnings to the IRS. So no need to report on taxes.

 

As for your husband wanting a win/loss statement, it leads me to believe you did get a 1099 and he has to report it and it could be taxed heavily. However, If you get a win loss statement from MSC and it shows you actually lost more than you won, you can offset the winnings to avoid being taxed. For example, Say you cruised MSC 5 times last year and won a 10,000.00 jackpot, received a 1099, but the win loss statement from your 5 cruises shows you lost in the casino a total of $15,000.00, you can offset the $10,000 in winning with $10,000 of your losses. Therefore you may offset your winnings with losses to avoid paying additional tax. You could also figure in other losses for the same year such as bingo, lottery, horse/dog tracks, other casinos and so on. I am not a tax accountant/professional so please check with your local HR Block or some other tax professional for this tax advise. I am sure if you call them they will answer your question.

Edited March 7, 2015 by rolloman

[Cruisergal1208]

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 Income or review Do I Need To Claim My Gambling Winnings and Can I Deduct My Gambling Losses? on IRS.gov.

 

A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or if you have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax. If you are considered a nonresident alien of the United States for income tax purposes and you have to file a tax return, you must use Form 1040NR (PDF), U.S. Nonresident Alien Income Tax Return. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties, for more information.

 

You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF) as an "Other Miscellaneous Deduction" (line 28) that is not subject to the 2% limit. A nonresident alien of the United States cannot deduct gambling losses.

 

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.

 

 

So as the other poster said, you can see why I asked my original question. Thanks for the info.

[rolloman]

Long story short, you want a win loss statement, please go to the MSCUSA web page and on the bottom click on the contact us section and ask them your question. Or you could try and call 844 811 1716 to try and get transferred to the right department which can field your question directly.

 

Personally, I requested this from Royal Caribbean one time in the past and they said sorry no can do. If this is the case with MSC, hopefully you saved receipts from any type of gambling you may have done during the taxable year in question.

Edited March 7, 2015 by rolloman

[wyobean]

LOL...and every casual gambler I know declares their winnings on their tax return!

 

 

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[AmoMondo]

I very much doubt that MSC a non USA company will provide forms that are required by US tax authority.

[Gig103]

LOL...and every casual gambler I know declares their winnings on their tax return!

 

Yeah just like everyone is paying their state an appropriate use tax on their online orders.

 

But in reality, if you hit a single jackpot over a certain amount, casinos will issue you a 1099 so you have to declare it. At that time, you would want a win/loss statement to offset the tax due on that.

[wyobean]

I agree Gig, so I would have asked for the statement before the end of the cruise where you would have had a much better chance of getting it.

 

 

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[Cruisergal1208]

I agree Gig, so I would have asked for the statement before the end of the cruise where you would have had a much better chance of getting it.

 

 

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That's what I did and was told to follow up with MSC after returning home and request one. Have done so but no response after 3 months. That's why I asked if anyone knew who to contact. I guess most people don't worry about having one and not report any winnings as added income on US tax forms. I may have to keep my winnings a secret from DH from now on. ;)

[Green eyed cruiser]

I'm beginning to believe no one has tried to obtain a win/loss statement from MSC. Do you just not report your winnings vs losses on your income tax filings? Hubby doesn't want to do that. Wants to report it. Oh, well!!

 

If you didn’t win over 1000.00 jackpot at once, and the clerk had to come pay you then you don’t have to claim them.

They will write out a tax slip and have you sign it when they pay you.

You can only claim as many losses as wins unfortunately

[jchris1230]

If you win an amount over $600 at one time (that is the U.S. for sweepstakes, wouldn't it be the same for gambling?, not sure) they will have you fill out the tax form and it does go to the IRS, so you will have to file it. I won $4200 last fall on a carnival cruise and they sent the form home with me. It will not matter what cruise line you are on.