Form W-2G

This sucks $6249 total for 2009. Got four of them. Any non believers pm your fax # to me. I will black out my ssn# and be happy to send.

Already got one for 2010. This is not bragging. This just sucks.

K-  my CPA always advises me to show a loss equal to my W2-G's -- I have been doing it since 1999 and so far no problem-- i got audited one time in 2005 and they asked for a profit loss statement from all the gaming places I went to or had W2-g's from ---I got one from Harrah's that showed -2,000 and one from Isle of Capri in Miss that showed $1,000 and those helped me show the write off was legit-- i also did a statement on paper that showed my otb losses and atm reciepts-- they were cool with it all

Im sure you can get some kind of profit loss statement with your online wagering platform and hopefully it shows you didnt profit much-- i know all casinos can give you one as long as you played with a players card

KURSCH:

I won a bunch of dough one year and my accountant told me to hang on to every gambling dead ticket I can find, including lottery tickets, keno tickets, etc. Sure as shit, 4 years later the IRS audited me (for more than just the gambling stuff) and I had to produce my receipts showing losses.

ALSO, you MUST have the racing form or program for the races that you bet on and lost. I have boxes of that shit in my closet becasue I usually end up with one or two decent signers every year, abd after ny last experience with the IRS, I decided to be safe rather than sorry.

GL!

You just need tp provides some other materials that help prove you were actually gambling on that day. You dont want to show a floor sweep of dead otb tickets for one day and have that be your proof. Like Mikey said, save anything w/ the date on it and attach it to all dead tickets from that day and store it.Form cover page, scratch sheet, etc w/ that days losing tickets should be fine.

Thanks for the advice guys.

This is my worry. Two years ago it was a couple thousand. And I did declare that I lost more but doubt I got any proof.

I never go to the track anymore. Not since Youbet.

My guy is pretty good, but this year his eyes are going to pop out of his head when he sees my W-2Gs.  

I was at Monmouth for one of my big winners this year, and when I went to the window, the teller told me that he could get a '10% guy' to cash my ticket for me if I wanted (I said no). 

Bad news Danno. Even after adding my deduction = to my losings they still get you for the standerd 33%.

Plus about 70% of my income is on commission (no I don`t sell cars, Medicare insuarnce) and they tax your commission at 50%. I made over 100k this year but I work my ass off, like 50-60 hour weeks. My last job paid 40k and I worked 30-40 weeks with a company car and made my own hours. Think I was better off at my last job. This just sucks. Man Danno if your claiming on yours you might end up having to pay. I claim zero and paid 21k to Federal, looks like I am getting back 3,800. Thats just sick.

Unless you have the program, or the form printed from an online source, and if the racing form is all you have, then they want it as back-up. When I got audited, I brought in an entire box of programs, forms and dead ducats. It's BS, but who is going to argue with the IRS?

I don't think so, unless you put some blatant, out of the blue winnings on your inocme tax statemnet. In my case, I won about $14,000 one year on signers and it was the first time.

 However, I was audited more for a dummass oil investment I made, and for the write-off I took against it, which happened to be in the same year that I won the $14K. So I think I was audited more for the investment than I was for the gambling winnings.

That was in 1993 or 1994, and I have had signers every year since then, but never again audited.

SPLIQ....I heard an ad on XM243 over the weekend for YouBet, which now will provide you with every bet you have ever made,inluding winnings and losses, to use for your taxes. It also whows a history of your betting patterns so maybe you would look at it and do something different, if need be.