vpFREE2 Forums

Tax Questions

#1

I received three W-2G forms in 2005.

Having no prior experience with IRS rules regarding gambling win/loss
reporting I did not keep the detailed diary required.

I have read in previous posts that the gaming history report you can
request from the casinos is, to put it bluntly, for shit.

Questions -

Do I just suck it up and report the W-2G wins with no offsetting
losses on Schedule A since I can't "back them up" with a diary?

or

Should I use the losses reflected on the history provided by the
casinos and use that as my back up if I were to be audited?

There's nothing else tricky going on here. I'm a more or less
regular guy with a job who itemizes using Schedule A the usual stuff -
mortgage interest, real estate taxes etc. I'm not a professional
gambler.

I'm using the diary starting in 2006 so I should be okay going
forward.

Thanks in advance for your input!

Steve

#2

<<Do I just suck it up and report the W-2G wins with no offsetting losses on
Schedule A since I can't "back them up" with a diary?>>

I'm not a tax specialist but I see no reason to pay more taxes than you owe.
I would claim the appropriate amount of deductions for gambling losses on
Sch. A, write down as best you can your trip results for at least some kind
of record, and keep the casino win/loss reports if they are close to
accurate. You don't have to actually send in the diary so unless you are
audited you will have no problem. Since you are now keeping a diary it will
be easier in the future.

Cogno

#3

Well, documentation of losses is only necessary in the event of an audit.
Before I started keeping records I used win/loss statements to substantiate
losses, but I was never audited during that period. Woo hoo. I suspect
very few gamblers keep records and most rely on those win/loss statements to
offset their W2Gs. You will not be alone if you do the same, anyway... I
have even heard reports of those win/loss statements being accepted in an
audit. It is just smarter (and safer) not to rely on the kindness of the
IRS.

Chandler

···

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpF…@…com]On Behalf Of
Steve
Sent: Friday, January 27, 2006 1:21 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Tax Questions

I received three W-2G forms in 2005.

Having no prior experience with IRS rules regarding gambling win/loss
reporting I did not keep the detailed diary required.

I have read in previous posts that the gaming history report you can
request from the casinos is, to put it bluntly, for shit.

Questions -

Do I just suck it up and report the W-2G wins with no offsetting
losses on Schedule A since I can't "back them up" with a diary?

or

Should I use the losses reflected on the history provided by the
casinos and use that as my back up if I were to be audited?

There's nothing else tricky going on here. I'm a more or less
regular guy with a job who itemizes using Schedule A the usual stuff -
mortgage interest, real estate taxes etc. I'm not a professional
gambler.

I'm using the diary starting in 2006 so I should be okay going
forward.

Thanks in advance for your input!

Steve

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#4

Can you claim losses if you don't have a house and can't itemize.
   
  I won 3, 400 dollars this year but loss more I can't itemize.. so can I do this ....

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#5

<<Can you claim losses if you don't have a house and can't itemize.

If you don't file Schedule A, you can't claim gambling losses - unless you file as a business on Schedule C where you can claim your losses (up to the amount of your winnings).

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  Tax time is coming up - groan! "Tax Help
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