Did you fill out a W2-G when they gave you the cash?
In addition to the winnings I get in horse racing, I have won twice in other states; a casino in OK, and a sportsbook in Vegas. Both instances required all the IDs and numbers before getting any money.
I may not be on the same page, but it sounds like the similar kind of question I've had when I do my taxes. Basically, you can only claim your LOSSES up to the amount of any winnings. You can never gain an advantage in losing. For example, if you HIT a $2500 slot, but lost $5000 doing so--you would only be able to claim losses of 2500. On the other hand, if you were lucky enough to win $5000, but only lose $2000...you can certainly claim the losses up to the 5k.
Hope that helps. I'm only 30, but basically EVERY YEAR since I've been legally able to claim my gambling--this was the strategy. I've used H&R, private CPA, and my own filing...never had an issue.
Did you fill out a W2-G when they gave you the cash?
In addition to the winnings I get in horse racing, I have won twice in other states; a casino in OK, and a sportsbook in Vegas. Both instances required all the IDs and numbers before getting any money.
I may not be on the same page, but it sounds like the similar kind of question I've had when I do my taxes. Basically, you can only claim your LOSSES up to the amount of any winnings. You can never gain an advantage in losing. For example, if you HIT a $2500 slot, but lost $5000 doing so--you would only be able to claim losses of 2500. On the other hand, if you were lucky enough to win $5000, but only lose $2000...you can certainly claim the losses up to the 5k.
Hope that helps. I'm only 30, but basically EVERY YEAR since I've been legally able to claim my gambling--this was the strategy. I've used H&R, private CPA, and my own filing...never had an issue.
Did you fill out a W2-G when they gave you the cash?
In addition to the winnings I get in horse racing, I have won twice in other states; a casino in OK, and a sportsbook in Vegas. Both instances required all the IDs and numbers before getting any money.
I may not be on the same page, but it sounds like the similar kind of question I've had when I do my taxes. Basically, you can only claim your LOSSES up to the amount of any winnings. You can never gain an advantage in losing. For example, if you HIT a $2500 slot, but lost $5000 doing so--you would only be able to claim losses of 2500. On the other hand, if you were lucky enough to win $5000, but only lose $2000...you can certainly claim the losses up to the 5k.
Hope that helps. I'm only 30, but basically EVERY YEAR since I've been legally able to claim my gambling--this was the strategy. I've used H&R, private CPA, and my own filing...never had an issue.
Did you fill out a W2-G when they gave you the cash?
In addition to the winnings I get in horse racing, I have won twice in other states; a casino in OK, and a sportsbook in Vegas. Both instances required all the IDs and numbers before getting any money.
I may not be on the same page, but it sounds like the similar kind of question I've had when I do my taxes. Basically, you can only claim your LOSSES up to the amount of any winnings. You can never gain an advantage in losing. For example, if you HIT a $2500 slot, but lost $5000 doing so--you would only be able to claim losses of 2500. On the other hand, if you were lucky enough to win $5000, but only lose $2000...you can certainly claim the losses up to the 5k.
Hope that helps. I'm only 30, but basically EVERY YEAR since I've been legally able to claim my gambling--this was the strategy. I've used H&R, private CPA, and my own filing...never had an issue.
Heres the deal.
The US govt expects you to pay taxes on all gambling activity, and record and file all gambling activity. Period.
A W2G is filed when you win at least $600 and the wager is 300-1 or more. You need to find out if you were served a W2G. The 10K form is a FINCEN report, and is not related directly to the IRS - it simply says that you had 10k in currency on you at any given time - which in this case you didnt. Sounds like you got a W2G because it was over 600 bucks and your odds were infinite (you paid nothing and won 1k).
On your 1040, you are supposed to list all gambling winning sessions on line 21 (other income). Then, you are supposed to deduct all losing sessions on Schedule A of your deductions. What is a session? Who the fuck knows - the IRS doesnt define it - and it is almost up to interpretation.
But in your case, if all you did all year was make 1k in this drawing, and lose 400 bucks at the Taj - you would list the 1k on line 21 and the 400 bucks on schedule A and it would net to 600 bucks.
If there was no W2G, you would have absolutely no problem keeping this all to yourself as most gamblers do - but with the W2G, you have to report it somewhere. The IRS knows you won it - and will be looking for it on your 1040. Could you write off a full 1k on your deductions and get away with it? Certainly. Just up to you - do you want to be the 1 in a million who gets caught, or do you want to just pay taxes on 600 bucks and forget about it. Your choice.
Heres the deal.
The US govt expects you to pay taxes on all gambling activity, and record and file all gambling activity. Period.
A W2G is filed when you win at least $600 and the wager is 300-1 or more. You need to find out if you were served a W2G. The 10K form is a FINCEN report, and is not related directly to the IRS - it simply says that you had 10k in currency on you at any given time - which in this case you didnt. Sounds like you got a W2G because it was over 600 bucks and your odds were infinite (you paid nothing and won 1k).
On your 1040, you are supposed to list all gambling winning sessions on line 21 (other income). Then, you are supposed to deduct all losing sessions on Schedule A of your deductions. What is a session? Who the fuck knows - the IRS doesnt define it - and it is almost up to interpretation.
But in your case, if all you did all year was make 1k in this drawing, and lose 400 bucks at the Taj - you would list the 1k on line 21 and the 400 bucks on schedule A and it would net to 600 bucks.
If there was no W2G, you would have absolutely no problem keeping this all to yourself as most gamblers do - but with the W2G, you have to report it somewhere. The IRS knows you won it - and will be looking for it on your 1040. Could you write off a full 1k on your deductions and get away with it? Certainly. Just up to you - do you want to be the 1 in a million who gets caught, or do you want to just pay taxes on 600 bucks and forget about it. Your choice.
You got a 1099-MISC - which is the same as a contractor or anyone else who works to receive money. This must be because you didnt put anything at stake when you won, you just won a sweepstakes which is not gambling.
Short answer - YES - this is income. This is income like a W2 or a 1099 from an employer. This is NOT gambling income, and you cannot write off gambling losses against this. THIS IS STRAIGHT UP INCOME LIKE YOU EARNED IT AT A JOB.
So in short, this will be part of your income listed on your 1040, and yes, you will pay taxes on it. No way around it.
You got a 1099-MISC - which is the same as a contractor or anyone else who works to receive money. This must be because you didnt put anything at stake when you won, you just won a sweepstakes which is not gambling.
Short answer - YES - this is income. This is income like a W2 or a 1099 from an employer. This is NOT gambling income, and you cannot write off gambling losses against this. THIS IS STRAIGHT UP INCOME LIKE YOU EARNED IT AT A JOB.
So in short, this will be part of your income listed on your 1040, and yes, you will pay taxes on it. No way around it.
any wins over $600 you must claim but mostlikely can write off showing proff of loses get hard copy from the house of all your plays !
I hope when you play table games you show your card when you start to play show the cash paid in and when you get off table also show the win or loss !
Wrong.
You have to pay taxes on any gambling wins, even if it is 50 cents.
And in his case - it is not even gambling income. It is regular income. He got the same form you would get if you worked for Harrahs as a contractor. In other words, the guy who comes and fixes the elevator for 50 bucks an hour got the same 1099 you got from Harrahs. It is income, and the IRS gets a copy of all 1099's and will expect to see it listed on your 1040.
any wins over $600 you must claim but mostlikely can write off showing proff of loses get hard copy from the house of all your plays !
I hope when you play table games you show your card when you start to play show the cash paid in and when you get off table also show the win or loss !
Wrong.
You have to pay taxes on any gambling wins, even if it is 50 cents.
And in his case - it is not even gambling income. It is regular income. He got the same form you would get if you worked for Harrahs as a contractor. In other words, the guy who comes and fixes the elevator for 50 bucks an hour got the same 1099 you got from Harrahs. It is income, and the IRS gets a copy of all 1099's and will expect to see it listed on your 1040.
any wins over $600 you must claim but mostlikely can write off showing proff of loses get hard copy from the house of all your plays !
I hope when you play table games you show your card when you start to play show the cash paid in and when you get off table also show the win or loss !
any wins over $600 you must claim but mostlikely can write off showing proff of loses get hard copy from the house of all your plays !
I hope when you play table games you show your card when you start to play show the cash paid in and when you get off table also show the win or loss !
Wrong.
You have to pay taxes on any gambling wins, even if it is 50 cents.
And in his case - it is not even gambling income. It is regular income. He got the same form you would get if you worked for Harrahs as a contractor. In other words, the guy who comes and fixes the elevator for 50 bucks an hour got the same 1099 you got from Harrahs. It is income, and the IRS gets a copy of all 1099's and will expect to see it listed on your 1040.
Wrong.
You have to pay taxes on any gambling wins, even if it is 50 cents.
And in his case - it is not even gambling income. It is regular income. He got the same form you would get if you worked for Harrahs as a contractor. In other words, the guy who comes and fixes the elevator for 50 bucks an hour got the same 1099 you got from Harrahs. It is income, and the IRS gets a copy of all 1099's and will expect to see it listed on your 1040.
Does your family business have a CPA or other financial advisor you could consult? I would give it a shot, since they are your best chance at finding deductions that you may not have found (being your first filing in so long). Like they say, any bit helps... Plus, because it's not a basic 1040 filing (regular job, no gambling or other additional forms to fill out) it most likely isn't going to be free either. This year I only had TWO fucking tickets to report, and it went from a free filing to $50+. Sucks, but I'd rather play it safe.
And like Vanzack advises, DO NOT avoid it. I'm sorry to hear they hit you with the 1099. Without any other income/W2's to file, you're pretty much stuck with a spotlight on yourself.
Does your family business have a CPA or other financial advisor you could consult? I would give it a shot, since they are your best chance at finding deductions that you may not have found (being your first filing in so long). Like they say, any bit helps... Plus, because it's not a basic 1040 filing (regular job, no gambling or other additional forms to fill out) it most likely isn't going to be free either. This year I only had TWO fucking tickets to report, and it went from a free filing to $50+. Sucks, but I'd rather play it safe.
And like Vanzack advises, DO NOT avoid it. I'm sorry to hear they hit you with the 1099. Without any other income/W2's to file, you're pretty much stuck with a spotlight on yourself.
Im pretty sure that if your earnings are 1k you are exempt from even filing.
But if you have to file, your standard deduction (the deduction the govt gives everyone for free) easily eats up the 1k. You will owe zero taxes - but make sure and file correctly. Just find out if you have to file or not and follow accordingly - you will owe zero tax either way - but you still might have to file.
Im pretty sure that if your earnings are 1k you are exempt from even filing.
But if you have to file, your standard deduction (the deduction the govt gives everyone for free) easily eats up the 1k. You will owe zero taxes - but make sure and file correctly. Just find out if you have to file or not and follow accordingly - you will owe zero tax either way - but you still might have to file.
You do know that the IRS has employees read through these forum and discussion posts don't you Samuel? With all the money mentioned on wagers and winning and such, they like to monitor who might owe them for gambling or other types of income.
You do know that the IRS has employees read through these forum and discussion posts don't you Samuel? With all the money mentioned on wagers and winning and such, they like to monitor who might owe them for gambling or other types of income.
You do know that the IRS has employees that read through these forum and discussion posts don't you Samuel? With all the money mentioned on wagers and winning and such, they like to monitor for who might owe them for gambling or other types of income.
You do know that the IRS has employees that read through these forum and discussion posts don't you Samuel? With all the money mentioned on wagers and winning and such, they like to monitor for who might owe them for gambling or other types of income.
You do know that the IRS has employees that read through these forum and discussion posts don't you Samuel? With all the money mentioned on wagers and winning and such, they like to monitor for who might owe them for gambling or other types of income.
Thats funny.
The IRS reads covers looking for winning gamblers. HA!
That would be the most unproductive use of resources possible at the IRS. So funny.
You do know that the IRS has employees that read through these forum and discussion posts don't you Samuel? With all the money mentioned on wagers and winning and such, they like to monitor for who might owe them for gambling or other types of income.
Thats funny.
The IRS reads covers looking for winning gamblers. HA!
That would be the most unproductive use of resources possible at the IRS. So funny.
Dude - just do some reading online - according to this, you dont even have to file. Just make sure and do the right thing - you wont owe money anyway.
Dude - just do some reading online - according to this, you dont even have to file. Just make sure and do the right thing - you wont owe money anyway.
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