vpFREE2 Forums

simple tax question

#1

I hit a $2000 jackpot last year at the Palms and received a tax form. Do I pay taxes on the
full $2000 or the amount over $1200 which would be $800?

Thanks.

#2

It (i.e, the whole $2,000) is all "gambliing income". It should be added to your
other gambling winnings. Then, in your itemization of deductions, you may
list your gambling losses.

.....bl

I hit a $2000 jackpot last year at the Palms and received a tax form. Do I pay

taxes on the

···

--- In vpFREE@yahoogroups.com, "lizurdlips" <lizurdlips@y...> wrote:

full $2000 or the amount over $1200 which would be $800?

Thanks.

#3

--- In vpFREE@yahoogroups.com, "bornloser1537" <bornloser1537@y...>
wrote:

It (i.e, the whole $2,000) is all "gambliing income". It should

be added to your

other gambling winnings. Then, in your itemization of deductions,

you may

list your gambling losses.

And if you don't itemize, what then?

#4

--- In vpFREE@yahoogroups.com, "deuceswild1000" <deuceswild1000@y...>
wrote:

And if you don't itemize, what then?>>>>>>>>>>>>>>>>>>>>>>

Then it will cost you whatever your income tax bracket says you have
to pay for $2000 extra income. Sorry.

EE

#5

I hit a $2000 jackpot last year at the Palms and received a tax

form. Do I pay taxes on the

full $2000 or the amount over $1200 which would be $800?

Thanks.

full amount, sorry, if you itemize deductions losses can be deducted,
any lotto or keno slips?
M J

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--- In vpFREE@yahoogroups.com, "lizurdlips" <lizurdlips@y...> wrote:

#6

--- In vpFREE@yahoogroups.com, "deuceswild1000"

<deuceswild1000@y...>

wrote:
>
> And if you don't itemize, what then?>>>>>>>>>>>>>>>>>>>>>>

Then it will cost you whatever your income tax bracket says you

have

to pay for $2000 extra income. Sorry.

EE

EE, and any others,

I realize that any answer is an opinion and not legal advice, so
don't be bashful.

I have had people tell me that all winnings must be declared and
then can be offset with losses up to the amount of winnings(assume
losses greater than winnigs). If so, and normal itemized expenses
are small (when one would normally take the standard deduction, then
their net total deductions will be small.

It seems that a person in this situation is being penalized for not
paying large interest and property tax amounts so their deductions
equal or exceed standard deduction.

So what am I missing?

···

--- In vpFREE@yahoogroups.com, "eecounter" <eecounter@h...> wrote:

#7

> --- In vpFREE@yahoogroups.com, "deuceswild1000"
<deuceswild1000@y...>
> wrote:

I have had people tell me that all winnings must be declared and
then can be offset with losses up to the amount of winnings(assume
losses greater than winnigs). If so, and normal itemized

expenses

are small (when one would normally take the standard deduction,

then

their net total deductions will be small.

It seems that a person in this situation is being penalized for

not

···

paying large interest and property tax amounts so their deductions
equal or exceed standard deduction.

So what am I missing?

==========================

You're missing nothing! It's not fair but that's the way it works.
If you itemize, you get to write off your losses against your wins.
If you take the standard deduction, then you don't get to deduct
losses against wins and therefore pay more.

#8

Also, don't forget to check state income tax laws.
Here in Ohio, we cannot deduct gamblingf losses from
earnings on winnings. Ugh.

icroyals

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--- staninnv <arnot@cox.net> wrote:

> > --- In vpFREE@yahoogroups.com, "deuceswild1000"
> <deuceswild1000@y...>
> > wrote:
>
> I have had people tell me that all winnings must
be declared and
> then can be offset with losses up to the amount of
winnings(assume
> losses greater than winnigs). If so, and normal
itemized
expenses
> are small (when one would normally take the
standard deduction,
then
> their net total deductions will be small.
>
>
> It seems that a person in this situation is being
penalized for
not
> paying large interest and property tax amounts so
their deductions
> equal or exceed standard deduction.
>
> So what am I missing?

==========================

You're missing nothing! It's not fair but that's
the way it works.
If you itemize, you get to write off your losses
against your wins.
If you take the standard deduction, then you don't
get to deduct
losses against wins and therefore pay more.