gambling and tax question

Quote Originally Posted by chilitokid:

no slot machine write off advice?

You can write off gambling losses up to the extent of gambling winnings. It is a dollar for dollar write off. Most casinos with comp cards have statements they can give you at year end. these statements show your net winnings/loses for the year.

If you don't have documentation of losses go to a horse race track and pick up all of the losing tickets off the ground.  But you only need the documentation if you are ever audited.

if you have a paycheck kinda j.o.b. then this is supplement income. have someone you know and trust enough who earns sh*t for money each yr collect your winnings next time with the slots or whatever thats not at a card table then you and they wont b taxed by uncle sammy.

if gambling or investing is what you will claim as your j.o.b. then make sure you write a journal of all your wins and losses for all betting. like previously mentioned, its in case of an audit. keep your tickets of any wager for your records. any expenses you had equals j.o.b. expenses. gas car costs hotel food  phone bill wi fi bill computer costs etc. all that is considered your write offs just like any other self employed businessman.

just get a real good accountant specializing in self employment and youll b fine.

....nice lotto hit. as your covers financial planner i recommend you keep doin what youre doin. it sounds like youre one of those ppl who have great luck with you for any type of gambling. keep gambling chili you will hit it huge one day...

I'm a senior accounting major and literally just have a test today over this information. Gambling winnings will fall under your gross income. Income includes things such as job salary, alimony, dealing in real estate, etc. For example, you won $5,000 on the Monday night football game you would put all $5,000 in your gross income. Gambling losses would be recorded under your below line deductions. So lets say after winning the $5,000 Monday night you decide to take Oakland today for $3,000 and lose. You would record this on your taxes by keeping the $5,000 in your Income and recording the $3,000 loss under below line deductions/Itemized Deductions. You can only deduct up to what you won.

What you also need to take into effect is whether your standard deduction (5700,single) and personal exeption (3750) are more than your below line deductions/itemized deductions. It so you would just want to record the gambling winning and take the standard deduction and personal exemption. But to me it sounds like you bet alot and if you win on a consistent basis, what you could do is record some of your winnings say 20k and report a gambling loss of 18k of so.

you can write off as much as you win(claim as income), as an expense as well

ex

you win 5k, you claim it

you also write off 5k as a gambling loss