I got a nice little Christmas gift at the Indiana Grand casino with a $3200 jackpot. Now I need to see if I can knock down my tax bill...which might be an exercise in futility with the new standard deduction rate.
I see many casinos have handy little online forms to fill out to request the win/loss. But many dont. Specifically I'm having trouble finding links for El Cortez, Tuscany, Ellis Island, and SLS.
Do you just call the players club and request the form ?
If we can't get them on line, we visit the players club during our January trip. I would think calling the players club would be a good first step. You may have to wait until January to do this.
Hey, PJ, there are still 5+ more days to win some more, or have more in the losing column. LOL.
PJ, SLS has a downloadable form on their website that you can email to them to get your win/loss statement.
It's on this page : https://slslasvegas.com/casino/
Correct me if I'm wrong - but single head of household has a 12K standard deduction this year ?
I dont think I'm going to have anything near that even with gambling loss offsets. But I guess I'll see how the math comes out.
thanks for the replies.
Just an update - I'm finding its pretty easy to call and request. If you have your player's number handy you can call the player's club and they pretty much just press a button that gets the request in process. Contacted El Cortez and Tuscany doing that today.
Originally posted by: PJ Stroh
Correct me if I'm wrong - but single head of household has a 12K standard deduction this year ?
I dont think I'm going to have anything near that even with gambling loss offsets. But I guess I'll see how the math comes out.
thanks for the replies.
Certainly not a tax expert. I think that you can claim gaming loss' up to the $3200 payout with the casino win/loss statement. I believe that is seperate from your $12,000. standard deduction
Only if one itemizes can gambling winnings be offset by losses. The Standard Deduction will not apply if one itemizes. (Personal exemptions still apply as before if one itemizes...$4050 las year.)
Using the Standard Deduction, gambling winnings (W2-Gs) increase one's income with no way to offset that amount by losses. If winnings significantly exceed the Standard Deduction of $12,000 (single HOH) or $24,000 (married FJ), itemizing may be more advantageous.
If PJ has only the one W2-G of $3200, he could come out very nicely using the Standard Deduction.
I am sure others will also tell you this, but the personal exemptions have been eliminated.
Win/Lose statements are not considered valid documentation of losses for the IRS in the case of an audit. The IRS likes to see your daily log of win/loses. This ensures you are not just claiming the wins which produce a W-2G.
Remember that the law states you must declare any and all income from all sources.
Originally posted by: doufous
I am sure others will also tell you this, but the personal exemptions have been eliminated.
Win/Lose statements are not considered valid documentation of losses for the IRS in the case of an audit. The IRS likes to see your daily log of win/loses. This ensures you are not just claiming the wins which produce a W-2G.
Remember that the law states you must declare any and all income from all sources.
Having been audited specifically for the amount of gambling loss claimed on my tax return one year, my win/loss statements were accepted as evidence. The IRS information booklet which is sent along with the "dear taxpayer" letter lists acceptable sources of evidence of losses, which are many. Win/loss statements are on the list. Yes, if one does not use the players card to capture machine or table activity, there would be no win/loss statement, thus a daily log would be one type of acceptable evidence of claimed loss.
