The first method. ($150,000 other income - $145,000 loss shown on itemizing.) The $5,000 win is usually part of the W2Gs. This group has some people with lots bigger figures. The higher these numbers the greater likelihood of an audit. If you do not have significant "earned" income (eg: work) you could file a professional gambler which means that losses are netted against winnings and you report net income. This is far more likely to generate an audit. In any event, keep very good records of your action as the casino records are quite unreliable and the IRS looks at your records first.
I am certainly not a true tax expert (Though I do hold a CPA's license, I do not practice as one.).
Howard W. Stern
On Friday, August 15, 2014 3:47 PM, "Ernie Mayhorn e_mayhorn@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
Claim the W-2G's as income (150K) and deduct all losses (145K) as an itemized deduction.
On Friday, August 15, 2014 1:25 PM, "lizurdlips@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
Hello, I rarely if ever post in this group, although I have been a member for many years.My questions concerns gambling income taxes.Let's say I receive a total of $150,000 in W2G's. Yet, my total win for the year is only $5,000.When filing 1040, do I use $150,000 as other income/gambling win, and then claim a loss of $145,000 when itemizing?Or do I add the $5000 actual yearly win on top of the $150,000 W2G figure for a total win of $155,000, and then claim a loss of $150,000?I just read Jean's book and I am more confused than ever. Thanks for any help clearing this up.
__._,_.___
Posted by: Howard Stern <pyiddy@att.net>
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (3) |
.
__,_._,___
