12/29/2023 0 Comments Winloss statement fallsview casinoOften times the IRS will not challenge the amount of the wins, but they will disallow the gambling losses. The net difference is still only $25, but you have to report $2,000 more of income! So, if you started with $100 and played for several hours, you could have $2,025 of reportable wins and $2,000 of reportable losses. Every winning spin on the slot machine will be recorded, and every losing spin will be recorded. On the other hand, if you use your Player’s Card so the casino can track your play – it will. For example, if you start your IRS-approved gambling session with $100 and end with $125, then you only report $25 of gambling income – according to the IRS-approved “gambling session” method. The methods the casinos use to calculate your wins and losses – contrary to the “gambling session” method recommended by the IRS – actually overstates these amounts. And, it is possible, depending upon the facts and circumstances, that the IRS could assess penalties against the gambler that used such documents. In the opinion of the IRS and most courts, casino win/loss statements do not meet these record keeping requirements. You’re done.įor starters, the Internal Revenue Code requires taxpayers to keep and maintain adequate records sufficient to prove their income and deductions. Just report the amounts from the casino win/loss statements. Gamblers love to use casino win/loss statements because it is easy.
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