First the government wants too much of our winnings! Second they take the fun out of gambling by having to keep such detailed notes. I played slots for 2 hours, I ate lunch and took a nap, then played again for 3 hours from this time to this time. I put this much in the machine .. I win $200 on machine but only walked away with $50 of it. Then I put that $ 50 down on a black jack table.. etc. it’s exhausting..
So, I won 32,700 recently and decided not to have casino take out the 24% because someone had told me they take out more than the IRS does. Is this true? I regret not doing it now. I’ve got my money in savings and have yet to spend it because I’m worried about what I’m going to owe. I’ve had several handpays but I have casino take out the 24%. Also, how does a person show proof of losses? By saving atm receipts?
Ive had a slight problem lately. I had a tax prep person do my taxes. I owed a decent chunk this year BUT. I realized i had left some of my W2Gs behind at home when they filed my return. I did have a net loss for the year but its still not reported. Im waiting to hear back from the prepper on how to proceed. Any ideas what this is gonna lead to? I am reporting additional wins but they will all be offset with losses. What kind of penalty would this bring? Is it a penalty on the wins even though i had enough of the losses to offset? Any help would be appreciated. Thx
Great explanation and examples Jason. Wondering how to report when casino issues W-2Gs. Software includes gross reported as income, without a way to adjust for cash put in to win that amount.
As dumb as it sounds, you're taxed on the gross and your wager is an itemized deduction. So unless you itemize, then you're getting taxed on your wager as well.
I lost $2000. I won $7000 on draftkings. They withheld $2,400 in taxes. Its the only income I made all year because i am unemployed. Do I file taxes still? Do i get any of that money back?
@@brianspiten9054 draftkings said I broke policy and wouldn't say what it was. Banned me from the platform. Saw a bunch of reports of them doing the same to other people.
First the government wants too much of our winnings! Second they take the fun out of gambling by having to keep such detailed notes. I played slots for 2 hours, I ate lunch and took a nap, then played again for 3 hours from this time to this time. I put this much in the machine .. I win $200 on machine but only walked away with $50 of it. Then I put that $ 50 down on a black jack table.. etc. it’s exhausting..
Little confused and maybe you can clarify: If John has 20k in losses and 15k in winnings (net loss 5k) does John pay taxes since he is in the hole
no
So, I won 32,700 recently and decided not to have casino take out the 24% because someone had told me they take out more than the IRS does. Is this true? I regret not doing it now. I’ve got my money in savings and have yet to spend it because I’m worried about what I’m going to owe. I’ve had several handpays but I have casino take out the 24%. Also, how does a person show proof of losses? By saving atm receipts?
The casino can provide you with a win loss statement.
Ive had a slight problem lately. I had a tax prep person do my taxes. I owed a decent chunk this year BUT. I realized i had left some of my W2Gs behind at home when they filed my return. I did have a net loss for the year but its still not reported. Im waiting to hear back from the prepper on how to proceed. Any ideas what this is gonna lead to? I am reporting additional wins but they will all be offset with losses. What kind of penalty would this bring? Is it a penalty on the wins even though i had enough of the losses to offset? Any help would be appreciated. Thx
hi from canada what paper work do i mail with my 1040 nr and originals or copies
How about my form I received was 1042-S ?
Is there a way to contact you regarding this and for help reporting?
Great explanation and examples Jason. Wondering how to report when casino issues W-2Gs. Software includes gross reported as income, without a way to adjust for cash put in to win that amount.
As dumb as it sounds, you're taxed on the gross and your wager is an itemized deduction. So unless you itemize, then you're getting taxed on your wager as well.
I lost $2000. I won $7000 on draftkings. They withheld $2,400 in taxes. Its the only income I made all year because i am unemployed. Do I file taxes still? Do i get any of that money back?
yes and yes
@@brianspiten9054 draftkings said I broke policy and wouldn't say what it was. Banned me from the platform. Saw a bunch of reports of them doing the same to other people.