pesach kremen wrote ...
Subject: Re: $1200 W2G
It would encourage mor e dishonesty as now more jackpots wouldn;t require paperwork. Some would choose to not report
jackpots which formerly they had no choice about reporting. In either case winds are reporteable and losses may be
deducted against them when you itemize, whether there is paperwork or not. I do make a note on the form of the amount of
the tip given the staff on W-2G wins and give this info to my accountant witht he casino statements and my records of wins
and losses. If it's a major win where th etip would be larger than the standard $10-$20 I have th erecipient sign a piece
of paper acknowledging receipt of the tip.
Pesach, it sounds like adhere to " All wins are taxable" but you make a note of the size of the tip you pay on your W2s. Do you deduct this tip amount as a loss? I don't think the IRS will buy that. Even if you file professionally, I think tips would be hard to take as an expense.
JZ
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