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We live in Texas but filed a separate tax return in for
We live in Texas but filed a separate tax return in for Louisiana because I won two jackpots at the casino. After we filed our tax return (s) I remembered I hit a 3rd Jackpot that was not included in … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
I won about 120500.00 on slot machines this year. I had
I won about 120500.00 on slot machines this year. I had 17600.00 taken out for federal taxes. but I also had a lot of losses. can I use bank statements from checking and savings and credit card statem… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I PLAYED MANY ONLINE CASINO GAMES IN THE YEAR 2014 AT MANY
I PLAYED MANY ONLINE CASINO GAMES IN THE YEAR 2014 AT MANY ONLINE CASINOS, SOME USING CASINO ‘FREE BONUSES', SOME WHERE I DEPOSITED MONEY, AND SOME WHERE A BONUS WAS ADDED TO THE AMOUNT DEPOSITED. THE… read more
Tax.appeal.168
Tax.appeal.168
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Hello tax professional, I have an interesting problem that
Hello tax professional, I have an interesting problem that I was unable to find an answer for. I will write notes to better understand the situation and hopefully give me the answers I need. 1- I am c… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,944 satisfied customers
I wan a bad beat jackpot (aka Jumbo Jackpot) at a Station Casino
I wan a bad beat jackpot (aka Jumbo Jackpot) at a Station Casino in Las Vegas, NV, for $30,000 while playing $2-$4 limit Texas hold ‘em. You have to be in the hand playing and calling all bets to qual… read more
Tax.appeal.168
Tax.appeal.168
Principal
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If I have about 500,000 in slot machine winnings, but of course
If I have about 500,000 in slot machine winnings, but of course I don't have any of those winnings as they all get reinvested in the machines as you go, what will I have to pay in federal tax. It says… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
241 satisfied customers
i won a few jack pots back in 2004 however i did not claim any winnings, as i lost more th
i won a few jack pots back in 2004 however i did not claim any winnings, as i lost more than i won at the end of the day. I did not leave with the winnings nor did recoup what i started with. the irs … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Should Tom report $3,500 jackpot as income when he files 2010
Should Tom report $3,500 jackpot as income when he files 2010 federal income tax return? should he report any losses? Tom hit a $3,500 jackpot on a slot machine. Before paying off the jackpot, casino … read more
Anne
Anne
Master Tax Preparer
2,374 satisfied customers
When I win jackpot, do I report wagering gain (winning-basis)as
When I win jackpot, do I report wagering gain (winning-basis)as income for income tax return or I report the entire winning amount on income tax return?… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Im 19 years old, and recently participated in a sports book. The
I'm 19 years old, and recently participated in a sports book. The sports book I participated in does not give in W-2G forms. I won quite a large sum of money. I do plan on reporting this. I was wonder… read more
Lawrence D. Gorin
Lawrence D. Gorin
Attorney at Law
J.D. (Juris Doctor)
49 satisfied customers
My friend is receiving social security (where you cant have
My friend is receiving social security (where you cant have more then $2,000 in the bank and all that). Last year (2009) his friend took him to a local casino where he tried his luck on $1 dollar mach… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
This is about gambling losses. Casinos will give win / loss
This is about gambling losses. Casinos will give win / loss statements if you use a card in the slot machines. How do I get a win / loss statement for CASH that has been won and lost back without usin… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
how do i pay the taxes on a win from paying slots now and not
how do i pay the taxes on a win from paying slots now and not have to wait to pay later because i am not working and do not file taxes. So how to I pay the taxes owed on the $1280.00 to IRS. I want to… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am the president of my company - I loan the company $100,000
I am the president of my company - I loan the company $100,000 two years ago. Last year it started to pay me back in payments w/4% interest. Total payments for last year was $43,000. I actually made $… read more
Merlo
Merlo
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Ive won over $40,000.00 in jackpots at the casino in the last
I've won over $40,000.00 in jackpots at the casino in the last few months with an option to have the taxes taken out there at the casino or to pay them later. My question is...do i have to pay taxes o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
I had two large jackpot wins, on slot machines, last year ($10,000
I had two large jackpot wins, on slot machines, last year ($10,000 & $8,600.) I didn't keep records of my total gambling 'losses', as I'm new to this & have no idea how to properly do this. Can I esti… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
I won $50,105 from a slot machine, but I have lost
I won $50,105 from a slot machine, but I have lost over $43,000 over the year. The slot machines doesn't give a record of your losses in the casino. I am afraid that since i make over a $100,000 a yea… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
906 satisfied customers
I am a resident of Louisiana.This is in regards XXXXX XXXXX
I am a resident of Louisiana. This is in regards XXXXX XXXXX winnings/losses. This is the first year that I've had to deal with gambling winnings/losses on filing my income taxes. I didn't always play… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,944 satisfied customers
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