USE this LINKTax time is across the corner. In case you were probably the most Lucky individuals who won money on the Casino, you can also find that you're not so “Lucky” while you fill out your taxes. Uncle Sam likes to share to your joy by claiming a bite of your winnings for himself. That may be exactly what happens to many “Winners” each April 15th, who don’t keep a gambling diary or logbook.
The IRS requires the casinos to report any wins over $1,200 on slot and video poker machines or other games equivalent to keno lottery or horse racing. When you've got a win equal to or more than $1200, you can be issued a W-2G form. This way lists your name, address and social security number. The casino would require proper identification before you're paid your jackpot. This is why you need to always carry a legitimate type of identification with you while you visit the casino.
A copy of the W-2G goes to the IRS and also you are required to list these winnings when filing your income tax. The law means that you can deduct gambling loses as much as the volume of your winnings. You'll be able to only do that you probably have documentation of your loses. Keeping a diary or logbook, is easy methods to do that.
A proper log should contain; 1) The kind of game and serial choice of the machine you played. 2) The date and site where you played. 3) Your wins and losses for every session or game. 4) Additional evidence of gambling activities. Your log book should be accurate and may be filled out as accurately as possible. I LOCATE it best to record my sessions in a small notebook which I carry with me to the casino. I then transfer this right into a spreadsheet on my computer once I get home.
Normally the IRS will accept this log however IT'S NOT THAT I AM a CPA and the most productive advice I WILL provide you with is to refer to a qualified if you happen to do have a large win on the casinos.
If you don’t keep a log book already you desire to start together with your next visit to the casino. Many players wait until they do hit a jackpot before they even consider keeping one. I once examine a player who finally hit a big progressive jackpot. It happened on New Year’s Eve. He were losing throughout the year but he had no documentation to prove his losses and was required to pay taxes at the full amount.
There is one more reason to maintain a log book that doesn't have anything do with taxes. It’s to maintain track of your personal personal wins and losses. Some players are likely to remember only the wins and overlook or minimize their losses. It’s not uncommon to listen to players say they broke even or had somewhat loss on the end of the year. Keeping a log can help you set playing in perspective and provides you a good account of the cash you're spending in your casino entertainment. Knowing that you're maintaining a tally of your losses may keep you from getting over excited and losing greater than you'll have during your visit.
If you play a game that requires skill corresponding to video poker, live poker or blackjack it's important to maintain a log of your playing sessions. This log may help you evaluate your skill level. If you're constantly having losing sessions then you definitely might need to do some more studying of the way to play properly. I'VE a separate section in my log for each game that I play. This helps me to have a correct accounting on the end of the year each game so I DO KNOW which games was essentially the most profitable.
Many player think that keeping a log is time consuming or unpractical. In truth it takes just a few minutes to do and you'll be glad you probably did while you hit the massive one.
Ben Franklin said, “The only sure thing is Death and Taxes.” All of us need to pay taxes but we don’t need to give Uncle Sam any further than we need to.
Until next time, remember: "Luck comes and goes...Knowledge Stays Forever!"
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