A Tax Question?

Whoson1st · Jul 13, 2005

When doing taxes and claiming winnings from an offshore sportsbook,; do you have to name the sportsbook and their address and all the wagers which won money?

I know when I claim winnings from horseracing -online; Jackson Helittt allways ask me for their name (YouBet) and their (Address) and (type of wager). Now what I give here is a printout from YB wilth ALL my wagers---she looks perplexed and just uses the bottom line winnings. Then She goes to the Internet website to get their address for the form.
Now--I can print out all the record of wagers from Pinnacle on their website, but I don't see any address listed there...so how do you handle this?

Fishhead · Jul 13, 2005

Keep a detailed diary of your play ON YOUR OWN.

That is ALL the IRS requires.

Fishhead · Jul 13, 2005

Fishhead said:
Keep a detailed diary of your play ON YOUR OWN.

That is ALL the IRS requires.

Then simply add all your WINS up and deduct all the LOSSES up to the amount of your winnings.

Very simple actually.

-F-

The wins will go on LINE 21(gambling income) and the deductions(loses) on schedule A under GAMBLING LOSSES.

Whoson1st · Jul 13, 2005

Fish----The agent at J.H. allways ask me for the address of YouBet.
So--I'm assumming she would ask me the same question for Pinnacle...?

I don't do a schedule A---because--I have no mortgage interest deduction.

Fishhead · Jul 13, 2005

Whoson1st said:
Fish----The agent at J.H. allways ask me for the address of YouBet.
So--I'm assumming she would ask me the same question for Pinnacle...?

I don't do a schedule A---because--I have no mortgage interest deduction.

You do not need mortgage interest to use Schedule A............if you are going to deduct your gambling losses, you need to use S-A.

Whoson1st · Jul 13, 2005

Fishhead said:
You do not need mortgage interest to use Schedule A............if you are going to deduct your gambling losses, you need to use S-A.

Ok --thanks, I just confused about the sch A then.

But I do know the Address of where winnings came from IS ASKED!

Fishhead · Jul 13, 2005

Whoson1st said:
Ok --thanks, I just confused about the sch A then.

But I do know the Address of where winnings came from IS ASKED!

ALWAYS listen to the advice your PROFESSIONAL TAX ADVISOR gives you.

Having said that, make sure you ask him or her as many questions as you can, as many tax advisors are not very in the know when it comes to gambling income.

Also, do not take my advice thinking that it is the cold in stone best possible advice.............seek the help from as many individuals as you can.

Good luck,
-F-

Whoson1st · Jul 13, 2005

Agree with you Fish....The only thing that I'm 100% certain about is that for gambling winnings the name of the Sourse is ALLWAYS asked and the addresss of company... Pinnacle only shows Curaco on website.

OMNIVOROUS FROG · Jul 13, 2005

Pinnacle Sports 

Pater Euwensweg 31 (2<SUP>nd</SUP> Floor)
Willemstad, Curacao
Netherlands Antilles

That should suffice.

Best Wishes...OF:howdy:

Dante · Jul 13, 2005

OMNIVOROUS FROG said:
Pinnacle Sports 

Pater Euwensweg 31 (2<SUP>nd</SUP> Floor)
Willemstad, Curacao
Netherlands Antilles

That should suffice.

Best Wishes...OF:howdy:

:lolBIG:

Whoson1st · Jul 13, 2005

Why the LOL, there Dante....
I hope that is the correct address ....Looks a bit funny, since it's not one in the US.

I'm telling you ...for the last two years when they did my taxes and I claimed small winnings from YouBet---they DO ASK FOR THE ADDRESS!!!

Dante · Jul 13, 2005

Whoson1st said:
Why the LOL, there Dante....
I hope that is the correct address ....Looks a bit funny, since it's not one in the US.

I'm telling you ...for the last two years when they did my taxes and I claimed small winnings from YouBet---they DO ASK FOR THE ADDRESS!!!

I believe you!!!! why would you claim SMALL winnings??? did you not have loses to offset it? most people do

Whoson1st · Jul 13, 2005

I had losses but not enough to offset all the winnings. They are paid through my checking acct.
The old paper trail---just like Neteller to your bank is .

Illini · Jul 13, 2005

If you are a small player, just put your net winnings on the gambling income line. Turbo Tax doesn't ask anymore questions than that. Simple.

Redneckman · Jul 13, 2005

Fishhead is right about the techincally correct way to do it, i.e. claim gross winnings on misc. income line and report losses on Sch. A., but so what's a middle player to do, show 1,500,000 of winnings and 1,480,000 of losses on Sch A? That, in my opinion, is an audit waiting to happen. So I just honestly report my net profits for the year on the misc. income line.

Paterno · Jul 13, 2005

Whoson1st said:
Why the LOL, there Dante....
I hope that is the correct address ....Looks a bit funny, since it's not one in the US.

I'm telling you ...for the last two years when they did my taxes and I claimed small winnings from YouBet---they DO ASK FOR THE ADDRESS!!!

On a 1040, THEY DO NOT ASK FOR THE SOURCE OF YOUR GAMBLING WINS. It is reported on Line 21, where you specify the source "Gaming". You do not have to report the address.

You would then report any losses on the Schedule A to offset the winnings. Unless you received a W2G or your lifestyle has obviously changed due to gambling, I would never suggest reporting your winnings. IF your lifestyle has changed without a W2, I would recommend looking at reporting profit and loss on Schedule C as a business. Of course, you will not be able to have a regular job for Sch C to apply. Now I am rambling.

Illini · Jul 13, 2005

SC- what do you mean? You can have a job, and still have a schedule C. It's just profit or loss from a business, whether it's your livelihood, or just a side business.

Dante · Jul 13, 2005

SCnit said:
On a 1040, THEY DO NOT ASK FOR THE SOURCE OF YOUR GAMBLING WINS. It is reported on Line 21, where you specify the source "Gaming". You do not have to report the address.

You would then report any losses on the Schedule A to offset the winnings. Unless you received a W2G or your lifestyle has obviously changed due to gambling, I would never suggest reporting your winnings. IF your lifestyle has changed without a W2, I would recommend looking at reporting profit and loss on Schedule C as a business. Of course, you will not be able to have a regular job for Sch C to apply. Now I am rambling.

WHO...it sounds like you need to use turbo tax online next year and do it yourself...

Whoson1st · Jul 14, 2005

I'm very simple minded. I have only one bank acct, which I use to pay all my bills to fund my gaming activity. That same bank accout when I win gets money back in it from a place called "YOUBET". That's income! I tell the tax people about ALL my income...so I can sleep, because....again it's very simple the bank statement shows it . Lifestyle change??? Yeh--tell the IRS agent,,, that you didn't report it, because..it wasn't enough to change your lifestye....LOL. And I don't think he/she will be laughing.
Plus---the JH rep when she has done my taxes for the last two years looks up an ADDRESS for Youbet!!!! She had to get it off the internet BECAuse it wasn't on the printout statement that THEY sent me !
My concern was/ is----when she doesn't see a US address for Pinnacle....am I shipped off to Alcatraz??? LOL

Paterno · Jul 14, 2005

Whoson1st said:
I'm very simple minded. I have only one bank acct, which I use to pay all my bills to fund my gaming activity. That same bank accout when I win gets money back in it from a place called "YOUBET". That's income! I tell the tax people about ALL my income...so I can sleep, because....again it's very simple the bank statement shows it . Lifestyle change??? Yeh--tell the IRS agent,,, that you didn't report it, because..it wasn't enough to change your lifestye....LOL. And I don't think he/she will be laughing.
Plus---the JH rep when she has done my taxes for the last two years looks up an ADDRESS for Youbet!!!! She had to get it off the internet BECAuse it wasn't on the printout statement that THEY sent me !
My concern was/ is----when she doesn't see a US address for Pinnacle....am I shipped off to Alcatraz??? LOL

Yes. You are required to report all income. However, THERE IS NO PLACE ON YOUR RETURN TO PUT A ADDRESS! Your CPA might want it to have on record in case their is an audit but it does not have to be reported. The IRS might require an address if there is an AUDIT. A audit will occur based on traditional red flags. A red flag would definitely show up if you reported $75k in winnings and $70k in losses for a net $5k profit. You would be better off reporting the $5k net or not reporting at all.