I've had an interesting 2011 playing Video Poker at the local Indian casinos. In 2011 I rcvd 12k in w2G forms for various video poker jackpots.
Amazingly, I F'd away more money in the F'ing casinos than I won that year. I managed to do this by going on tilt a few times with a boatload of cash in my pocket.
I failed to file the w2G forms on time last year for no other reason than I just wasn't ready and it was the first time I had ever rcvd a w2g form. I had the amendment form printed out and was getting ready to send it in when I rcvd "the letter". The letter is from the IRS stating that the casinos reported my winnings and now I gotta pay the piper . Soooo.. I'm gonna proceed with the amendment which will state that I have more losses than winnings in 2011. I have a decent gambling log book which should help me justify the losses, but the log isn't in a ready to send to the IRS in an organized format yet. I am wondering if it is proper to go ahead and send in the amendment stating the losses... and then wait to see if they ask for my log book, or to just go ahead and send the log book with the amendment (it will be a royal pain in the ass to do it).
Anyone have experience with this? To reiterate.. i am asking if I need to send my log book of my casino play with my amended losses claim now... or should I wait to see if they ask for it.
(oh yea - I have tried calling the IRS and was on hold so long that their phones closed for the evening before I could speak to anyone - just an FYI in case someone says "call the IRS") (and I will be doing again so earlier in the day - but I am checking here first !)
Amazingly, I F'd away more money in the F'ing casinos than I won that year. I managed to do this by going on tilt a few times with a boatload of cash in my pocket.
I failed to file the w2G forms on time last year for no other reason than I just wasn't ready and it was the first time I had ever rcvd a w2g form. I had the amendment form printed out and was getting ready to send it in when I rcvd "the letter". The letter is from the IRS stating that the casinos reported my winnings and now I gotta pay the piper . Soooo.. I'm gonna proceed with the amendment which will state that I have more losses than winnings in 2011. I have a decent gambling log book which should help me justify the losses, but the log isn't in a ready to send to the IRS in an organized format yet. I am wondering if it is proper to go ahead and send in the amendment stating the losses... and then wait to see if they ask for my log book, or to just go ahead and send the log book with the amendment (it will be a royal pain in the ass to do it).
Anyone have experience with this? To reiterate.. i am asking if I need to send my log book of my casino play with my amended losses claim now... or should I wait to see if they ask for it.
(oh yea - I have tried calling the IRS and was on hold so long that their phones closed for the evening before I could speak to anyone - just an FYI in case someone says "call the IRS") (and I will be doing again so earlier in the day - but I am checking here first !)
Don't send in log book with it.
I bet sports only, so I keep losing tickets to show. Poker is more difficult, however, hopefully you can show withdrawals from your bank and the dates match or are close.
A friend of mine made $1.7M in winnings in 2007, he got audited in 2008. He said it was like open heart surgery without anesthesia. Fortunately, he had every losing ticket in from 2007 & 2008, so he was okay. But he said the bitch was out to get him.<o
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I bet sports only, so I keep losing tickets to show. Poker is more difficult, however, hopefully you can show withdrawals from your bank and the dates match or are close.
A friend of mine made $1.7M in winnings in 2007, he got audited in 2008. He said it was like open heart surgery without anesthesia. Fortunately, he had every losing ticket in from 2007 & 2008, so he was okay. But he said the bitch was out to get him.<o
></o>Don't send in log book with it.
I bet sports only, so I keep losing tickets to show. Poker is more difficult, however, hopefully you can show withdrawals from your bank and the dates match or are close.
A friend of mine made $1.7M in winnings in 2007, he got audited in 2008. He said it was like open heart surgery without anesthesia. Fortunately, he had every losing ticket in from 2007 & 2008, so he was okay. But he said the bitch was out to get him.<o
Thanks man. I was thinking that sending in the log without them asking for it might create more questions and answer... so i like the idea of waiting for them to ask for it. I am confident I can prove my losses.. but it's a headache.
I will file the 2012 w2g's on time this year. 25k worth this time around. But I might file an extension until Oct. so i can see how hard they ream me on 2011 and I can be better prepared to fight them off. It pisses me off b/c they are in essesnce trying to double dip. The casino paid them for the gains from my losses and now they are after the perceived gains based solely on w2gs. If somehow I am not able to fight them off...they will have collected double tax.. Once from the casino and once from me. Fckers
do not send in anything they don't ask for
send in your amended return claiming your gambling losses with a copy of the notice they attached. Send your return to the address on the notice
if audited, this is only a computer matching issue at this point, if audited let me know or contact another tax professional. knowing how to present your case is very important, and sometimes taxpayers fuck themselves with their responses
send in your amended return claiming your gambling losses with a copy of the notice they attached. Send your return to the address on the notice
if audited, this is only a computer matching issue at this point, if audited let me know or contact another tax professional. knowing how to present your case is very important, and sometimes taxpayers fuck themselves with their responses
What if I have a 1099 from gambling winnings (fantasy related), could I gather tickets of losses to offset this? I don't actually have tickets of losses cause I bet offshore/bookie but if I had tickets of vegas losses (maybe I can get some? I dunno just thought of all this when I saw the thread) would that offset taxes on 1099 gambling winnings?
you can deduct gambling losses to the extent of gambling winnings, but it's an itemized deduction, so you have to be able to use Schedule A to receive any tax relief.
and yes, you can use losses from all legal gambling activities to offset those winnings. You don't necessarily need losing tickets, a profit / loss statement from a casino or track or some organization that tracks your play will also suffice
This
........or simply one'e own diary.
Losing tickets or win/loss statements are not required, but they can be used.
An accurrate diary is the absolute best approach, one I've used for close to 20 years.
Total wins on LINE 21..............total losses on Schedule A..............it all really is quite easy.
If you get a w2-g you have to report it, if you dont the computers will flag it guaranteed. Assuming you are a losing gambler(most are) you report it and deduct it on sched. a. You dont need to have or send anything unless you are audited, there is very little chance of that if you have relatively small w2-g's you are offsetting.
Do NOT wrote your journal in the same ink.. or same penmenship... its sounding like your scrambling to write it now. Im certain its all true. Just make sure the joirnal looks like you Seporated your writing periods by days??? You understand?? Maybe dif inks...
Tater
Tater
I don't have legal losses to offset the legal winnings unfortunately. Maybe if I could collect losing tickets from people? That is only thing I can think of.
I don't have losing tickets or profit/loss statement from casinos so if I can gather tickets from 2012 from people would that suffice? If so, send me em guys!
This is new to me because usually my gambling winnings don't require me getting a 1099.
Yes, read the tax code.
A diary is all that is required.
Again, this is what I 've used for 20 years. l use a 3-ring binder and write all my wins and losses in it.................DATE, CASINO, WON OR LOSS, GAME PLAYED....................folders seperate each type of game played(Sports, video poker, slots, bingo, poker, etc., etc.,)
At the end of the year, add up all the WINS and put them on LINE 21.................add up all the LOSSES and put them on Schedule A
I then keep each binder for seven years in case of an audit.
