This Thursday Bob and I will be taping our 2nd show where we answer listener emails. But we will also be taping a show for the following week with Russell Fox our “gambling tax guy.” If you have tax questions related to gambling either post them below, or send them to [email protected].
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My question will be based on a concern of the past.
Can it be officially concluded that the casino industry and others involved have successfully fought against the IRS proposal for lowering reporting W2G taxable winnings to a $600 threshold?
A possible follow up question if time permits.
The casino industry strongly believe that the W2G reporting threshold should actually increase with respect to inflation. Something along the lines that $1200 back then is about $4700 (or some similar figure) now. Is there any hope that the threshold can get raised?
The casino enterprise strongly believes that the W2G reporting threshold has to really increase with respect to inflation. something along the traces that $120 lower back then is about $470 now. Is there any hope that the threshold can get raised?secure online poker
I have always wondered why I get a W2G when I hit a $600 or more trifecta at the track but the limit at a casino is $1200. Why are horse players treated differently? Its bad enough that we have to deal with a crazy high takeout. Thanks. I love the show.
The San Diego area Video Poker machines on reservations appear to be class III machines (there are no bingo cards). Is there a way for a Class III video poker (IGT gameking) to be altered and not be a true Vegas style random machine?
Three times in the past 5 years I have received inquires from the IRS because YE W-2G totals did not match the win reported under other income.
Non-Pro reporting, net daily win total as other income, and losses on Schedule A.
After submitting complete yearly win / loss log, and copy IRS memo available on Jean Scott’s blog, IRS has accepted reporting.
To avoid almost yearly hassle, is there a alternate way to report, or should I submit all this documentation along with 1040?
Is there any particular advantage to taking state, federal, both, or neither out when getting a W2G? I’ve talked to a few different teams and everyone seems to do it differently, but from a tax perspective is there a particular best practice?