Skoda, in the USA, if you collect $600 or more at odds of 299-1 or greater, you will be issued a 1099-G for your net winnings on that race. I believe there is mandatory withholding of 20% on winnings of at least $1000 (they may have changed that to $5,000). If you itemize deductions on Schedule A, you may deduct gambling losses up to the extent of your reported winnings (but no expenses allowed). If you do not itemize deductions, you can't deduct gambling losses at all unless you can be classified as professional gambler, which is very difficult to do. Hope this helps.....
Skoda, in the USA, if you collect $600 or more at odds of 299-1 or greater, you will be issued a 1099-G for your net winnings on that race. I believe there is mandatory withholding of 20% on winnings of at least $1000 (they may have changed that to $5,000). If you itemize deductions on Schedule A, you may deduct gambling losses up to the extent of your reported winnings (but no expenses allowed). If you do not itemize deductions, you can't deduct gambling losses at all unless you can be classified as professional gambler, which is very difficult to do. Hope this helps.....
H&R said to stop in curious b4 going waiting on a 1095 from Marketplace
Thanks
I actually heard about one of the guys who was in the famous Billy Walters Computer Group tried to claim deductions on his losses and went to court and the I.R.S. said he had to still pay up and the losses had not counted as deductions. Every case is different but I suppose he might have been trying to extend his deductions from previous years to next year filings in which I know you cant do with gambling.
Quote Originally Posted by skoda:
Have statement from site I play at Bet America
Wager - Winnings = total loses
(?) Can I claim my total loses as a deduction?
10-7= 3
is
H&R said to stop in curious b4 going waiting on a 1095 from Marketplace
Thanks
I actually heard about one of the guys who was in the famous Billy Walters Computer Group tried to claim deductions on his losses and went to court and the I.R.S. said he had to still pay up and the losses had not counted as deductions. Every case is different but I suppose he might have been trying to extend his deductions from previous years to next year filings in which I know you cant do with gambling.
H&R said to stop in curious b4 going waiting on a 1095 from Marketplace
Thanks
did not know what a 1095 was until i looked it up. Question did you pay health insurance last year if not your in big doo doo. the obama mandatory health insurance is still in effect and the I.R.S. will take the money from you if you did not buy health insurance.
Quote Originally Posted by skoda:
Have statement from site I play at Bet America
Wager - Winnings = total loses
(?) Can I claim my total loses as a deduction?
10-7= 3
is
H&R said to stop in curious b4 going waiting on a 1095 from Marketplace
Thanks
did not know what a 1095 was until i looked it up. Question did you pay health insurance last year if not your in big doo doo. the obama mandatory health insurance is still in effect and the I.R.S. will take the money from you if you did not buy health insurance.
you can't deduct gambling losses at all unless you can be classified as professional gambler, which is very difficult to do. Yep sometimes the I.R.S. is a pain in the booty. I would probably say that less than 1% of the people that file taxes that gamble file as a professional gambler status and probably would be hard to find a professional tax accountant that could be hired to do this.
you can't deduct gambling losses at all unless you can be classified as professional gambler, which is very difficult to do. Yep sometimes the I.R.S. is a pain in the booty. I would probably say that less than 1% of the people that file taxes that gamble file as a professional gambler status and probably would be hard to find a professional tax accountant that could be hired to do this.
If you itemize deductions on Schedule A, Thanks you all got me thinking
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html ^^^ good read ^^^
SD is 6400 my loses less
good idea on letting IRS do and set up payment plan that day
I was insurance covered for 11 of 12 months but IRS sent me 1095 showing only 10 months..... They investigated and straightened out said they'll send updated 1095. was easier than expected i phone call that was a 3 way with my Insurer. No penalty as long as coverd 11 of 12
This could be helpful?
Other documentation to prove your losses can include:
canceled checks or credit records Casino Cash Advance
and receipts from the gambling facility
Thanks you all got me thinking
If you itemize deductions on Schedule A, Thanks you all got me thinking
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html ^^^ good read ^^^
SD is 6400 my loses less
good idea on letting IRS do and set up payment plan that day
I was insurance covered for 11 of 12 months but IRS sent me 1095 showing only 10 months..... They investigated and straightened out said they'll send updated 1095. was easier than expected i phone call that was a 3 way with my Insurer. No penalty as long as coverd 11 of 12
This could be helpful?
Other documentation to prove your losses can include:
Skoda, I am a CPA (among other things), if you need any clarification or have any other questions, send me a friend request with your phone number and I can help you. I am funny like that, I love giving out free advice, all you have to do is ask....
Hard to believe I have been at this site (and its predecessor wagerline.com) since 2005, time flies, I have learned so much myself, this board for the most part is very civil and while I do look at the other sports here (NFL, MLB, NBA, NHL and CFL and CBB), I like this one the best. Lots of thanks to Mr. H, but credit goes to others like pittsburghphil, giant causeway, mikeyp and others, they point out stuff that I don't always agree with, but at least other angles and things to consider....
Skoda, I am a CPA (among other things), if you need any clarification or have any other questions, send me a friend request with your phone number and I can help you. I am funny like that, I love giving out free advice, all you have to do is ask....
Hard to believe I have been at this site (and its predecessor wagerline.com) since 2005, time flies, I have learned so much myself, this board for the most part is very civil and while I do look at the other sports here (NFL, MLB, NBA, NHL and CFL and CBB), I like this one the best. Lots of thanks to Mr. H, but credit goes to others like pittsburghphil, giant causeway, mikeyp and others, they point out stuff that I don't always agree with, but at least other angles and things to consider....
Exactly hillardoh1, best to do ignore the IRS unless they catch you!
No harm, no foul.........
The problem with that is you better either have some cash on hand to pay or else fight it in the courts with a lawyer. GOOD LUCK FIGHTING IN COURT with that. Its probably easier to get off of a murder charge than tax evasion.
Quote Originally Posted by Jr315:
Exactly hillardoh1, best to do ignore the IRS unless they catch you!
No harm, no foul.........
The problem with that is you better either have some cash on hand to pay or else fight it in the courts with a lawyer. GOOD LUCK FIGHTING IN COURT with that. Its probably easier to get off of a murder charge than tax evasion.
If you itemize deductions on Schedule A, Thanks you all got me thinking
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html ^^^ good read ^^^
SD is 6400 my loses less
good idea on letting IRS do and set up payment plan that day
I was insurance covered for 11 of 12 months but IRS sent me 1095 showing only 10 months..... They investigated and straightened out said they'll send updated 1095. was easier than expected i phone call that was a 3 way with my Insurer. No penalty as long as coverd 11 of 12
This could be helpful?
Other documentation to prove your losses can include:
canceled checks or credit records Casino Cash Advance
and receipts from the gambling facility
Thanks you all got me thinking
I would say that thinks to the OBAMA HEALTH CARE and you did not pay for the full year you may wind up owing something to the I.R.S.
Quote Originally Posted by skoda:
If you itemize deductions on Schedule A, Thanks you all got me thinking
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html ^^^ good read ^^^
SD is 6400 my loses less
good idea on letting IRS do and set up payment plan that day
I was insurance covered for 11 of 12 months but IRS sent me 1095 showing only 10 months..... They investigated and straightened out said they'll send updated 1095. was easier than expected i phone call that was a 3 way with my Insurer. No penalty as long as coverd 11 of 12
This could be helpful?
Other documentation to prove your losses can include:
GAMBLERS really are treated unfairly by the I.R.S. THE BEST ADVICE say what you owe and just pay it.If you cant pay just ask for an extension and a payment plan.
GAMBLERS really are treated unfairly by the I.R.S. THE BEST ADVICE say what you owe and just pay it.If you cant pay just ask for an extension and a payment plan.
Zuck only way is by the books as you know. Once i get it all organized may give you a PM but I'm going to IRS and let them sign it so if.....
This is interesting so their saying my advances at Casino with time stamp are valid. No actual record of my putting $$ in Video Poker but I'm sure they have video of my playing right after withdrawal....
What you say...... Thanks
Other documentation to prove your losses can include:
Form W-2G
Form 5754
wagering tickets
canceled checks or credit records Casino Cash Advance
and receipts from the gambling facility
Zuck only way is by the books as you know. Once i get it all organized may give you a PM but I'm going to IRS and let them sign it so if.....
This is interesting so their saying my advances at Casino with time stamp are valid. No actual record of my putting $$ in Video Poker but I'm sure they have video of my playing right after withdrawal....
What you say...... Thanks
Other documentation to prove your losses can include:
Form W-2G
Form 5754
wagering tickets
canceled checks or credit records Casino Cash Advance
Bank statement won't help unless it clearly state that ATM withdrawals were at the casino. Those documents you list are the normal ones. You could take trips to racetracks during year you win and try to collect losing tickets form the floor (no footprints allowed, if you get my drift). Even here though, you need a log, IRS knows people like to do this and want to make sure people don't abuse this. It's tough to get around these rules, I know, but it can be done....
Bank statement won't help unless it clearly state that ATM withdrawals were at the casino. Those documents you list are the normal ones. You could take trips to racetracks during year you win and try to collect losing tickets form the floor (no footprints allowed, if you get my drift). Even here though, you need a log, IRS knows people like to do this and want to make sure people don't abuse this. It's tough to get around these rules, I know, but it can be done....
Any documentation could help, just remember claim your losses on Schedule A (Other Itemized Deductions, non 2% items), you would have to be audited (1% chance maybe), keep good records.
In 2017, just keep log of days you go to the track and losing tickets and how you did by the day, make quick notes that night or next day. I have a preferred customer card at the meadowlands, they can retrieve my activity as long as I uses the card every time I bet.
Any documentation could help, just remember claim your losses on Schedule A (Other Itemized Deductions, non 2% items), you would have to be audited (1% chance maybe), keep good records.
In 2017, just keep log of days you go to the track and losing tickets and how you did by the day, make quick notes that night or next day. I have a preferred customer card at the meadowlands, they can retrieve my activity as long as I uses the card every time I bet.
Any documentation could help, just remember claim your losses on Schedule A (Other Itemized Deductions, non 2% items), you would have to be audited (1% chance maybe), keep good records.
In 2017, just keep log of days you go to the track and losing tickets and how you did by the day, make quick notes that night or next day. I have a preferred customer card at the meadowlands, they can retrieve my activity as long as I uses the card every time I bet.
I understand about the preffered cards I do know at that from casinos the current rules are that the gamblers cant use this as for tax purposes. As a matter of fact the casinos had some kind of lawsuit with the I.R.S. stating they do not want these tracking cards the accounts to be used to check the casinos. Thats pretty much means the casinos are hiding money from the I.R.S. or got something to hide.
Quote Originally Posted by howzuck:
Any documentation could help, just remember claim your losses on Schedule A (Other Itemized Deductions, non 2% items), you would have to be audited (1% chance maybe), keep good records.
In 2017, just keep log of days you go to the track and losing tickets and how you did by the day, make quick notes that night or next day. I have a preferred customer card at the meadowlands, they can retrieve my activity as long as I uses the card every time I bet.
I understand about the preffered cards I do know at that from casinos the current rules are that the gamblers cant use this as for tax purposes. As a matter of fact the casinos had some kind of lawsuit with the I.R.S. stating they do not want these tracking cards the accounts to be used to check the casinos. Thats pretty much means the casinos are hiding money from the I.R.S. or got something to hide.
Most likely you won't be audited anyway!
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