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Starting at the beginning of this year, I started playing a

decent amount of online blackjack...
Starting at the beginning of this year, I started playing a decent amount of online blackjack at a few online casinos. I, stupidly didn't do my research about paying taxes on winnings at the end of the year and when I recently decided to do research it says that casino table winnings are based on the "honor system" as far as reporting them to the IRS, and that I have to keep a daily log of my wins/losses, but I haven't been doing that. On the online casino software I can find all of the deposits I've made with my credit card and it will let me show the dates and amount I've withdrawn from the casino into my bank account, but none give me a daily transaction of my wins/losses to record and show in case of a future audit. What do I do? Would printing off all my casino deposit/withdrawal pages along with printing a screen shot of my online casino balance on December 31, 2013 be enough proof that I reported all of my casino wins/losses with 100% honesty? Please help me and tell me what to do.
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Answered in 2 minutes by:
7/9/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com.

MyVirtualCPA :

The amounts that you withdraw from the casino and place into your bank account would signify your net wins.

MyVirtualCPA :

This documentation should give you enough detail to show that you claimed all your income.

MyVirtualCPA :

But, from now on, I would log your daily wins and losses

MyVirtualCPA :

I would just work to ensure that you do claim all of your income

Customer:

Ok, so if I start logging my daily wins and losses now..when I start doing my taxes at the beginning of next year do I claim my total wins/losses as a net win and net loss?

MyVirtualCPA :

You claim 100% of your winnings on line 21 as other income, and then your losses are an itemized deduction

Customer:

so my daily log of win/losses is more for appearance sake if I ever get audited? As long as I have printouts of all my deposits and withdrawals (which would confirm all the activity on my bank records)?

MyVirtualCPA :

No, your diary is to show what your wins and losses are. I would keep you a little calendar and document on the calendar

MyVirtualCPA :

and also keep copies of your deposits and withdrawals

Customer:

Ok thank you so much for your answers. You've been very helpful.

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

One more...when I do my taxes next year and go to claim my online casino wins, do I claim the net wins for the year or do I add up all of my daily wins (not including the days I loss money)? Because if I have to do it that way, I will probably be claiming hundreds of thousands of dollars in wins, but also claiming hundreds of thousands of dollars in losses...Whereas if I only have to claim my net wins/losses it will probably only be like $30,000.

Customer:

Because I play a lot every day and some days I might win $100, the next I might win $3,000..then the next day I might lose $2,500.

MyVirtualCPA :

You have to claim all your wins on line 21, then all your losses as itemized deductions

MyVirtualCPA :

And you have nothing to worry about, so long as you keep your documentation

Customer:

ok that's got it all then..thank you so much. Giving you an excellent rating. Thanks again.

MyVirtualCPA :

You're welcome. Please use the rating feature on the bottom of your screen to rate my response

MyVirtualCPA :

Thanks again...it was a pleasure working with you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,581
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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