If you don't itemize, you'll owe tax on all of your gross win(s).
On 3 Feb 2011 at 20:31, Manuel wrote:
This will be my first year with W2G's. I understand
that in order to declare gambling losses up to the
amount won you need to itemize. However, what
option is there beside itemizing your losses? Would
you then accept the wins without offsetting the losses?
How much do you have to win, to have to report it ?
Thanks,
~ ¤(¯`*•.¸(¯`*•.¸ Meredith ¸.•*´¯)¸.•*´¯)¤ ~
TGIF- Thank God I'm Female!
--- On Tue, 2/8/11, st.tropez97 <st.tropez97@yahoo.com> wrote:
From: st.tropez97 <st.tropez97@yahoo.com>
Subject: [vpFREE] Re: Had a good year in 2010
To: vpFREE@yahoogroups.com
Date: Tuesday, February 8, 2011, 4:11 AM
On 3 Feb 2011 at 20:31, Manuel wrote:
This will be my first year with W2G's. I understand
that in order to declare gambling losses up to the
amount won you need to itemize. However, what
option is there beside itemizing your losses? Would
you then accept the wins without offsetting the losses?
If you don't itemize, you'll owe tax on all of your gross win(s).
[Non-text portions of this message have been removed]
How much do you have to win, to have to report it ?
The IRS doesn't like the total jackpots that are reported by the
taxpayer to be less than what casinos reported to them, no matter how
small the total amount.
Thanks a bunch Tom.
~ ¤(¯`*•.¸(¯`*•.¸ Meredith ¸.•*´¯)¸.•*´¯)¤ ~
TGIF- Thank God I'm Female!
--- On Tue, 2/8/11, Tom Robertson <007@embarqmail.com> wrote:
From: Tom Robertson <007@embarqmail.com>
Subject: Re: [vpFREE] Re: Had a good year in 2010
To: vpFREE@yahoogroups.com
Date: Tuesday, February 8, 2011, 6:44 AM
>How much do you have to win, to have to report it ?
The IRS doesn't like the total jackpots that are reported by the
taxpayer to be less than what casinos reported to them, no matter how
small the total amount.
[Non-text portions of this message have been removed]