First of the the guy who does your taxes, is right, kind of. Undoubtedly, you
also lost some money at the casinos you played at, even those you got the W2G's
from. Perhaps not net losses there, but you didn't win every hand. If you were
playing with a players card, you can request a win-loss form from each casino
you played at. The ones where there were W2G's will give you a win-loss
statement that includes those W2G figures.
You can total up all the numbers on your w/l statements and see how much you
actually won. But gambling losses can be deducted from gambling winnings, as
your guy should know, at least for federal, and for some states as well.
Obviously, you don't want to pay on your total W2G amounts, if you have some
losses that offset those winnings. At least you'll reduce the amount you have to
pay.
Going forward, you should be keeping a record of cash in, winnings, cash out,
etc. There have been numerous discussions of this in the past, or you could look
into Jean Scott's fine book that deals with taxes and VP.
Certainly the game is rigged. Don't let that stop you; if you don't bet, you
can't win. -Lazarus Long
In theory, there is no difference between theory and practice. But, in practice,
there is. -Yogi Berra
There is no such thing as luck. There is only adequate or inadequate preparation
to cope with a statistical universe. -Robert Heinlein
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I am new to Video Poker but I had a good year in 2010 and received a couple of
W-2G forms.
The fellow who does my taxes told me I had to pay tax on the total as I have no
other records.
I think I am stuck for last year but I have vowed to get religion this year and
keep some sort of diary.
What is the best way to do it?
Marvin S
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