If anyone gets a W-2G for hitting $1200 or more in a casino, there are ways to avoid paying full tax on this. When I have time, I will post the things you need, to net out your session winnings and losses, for your 1040 return.
Probably within the next 2 weeks.
(edited to improve grammar and understanding.)
Tax Time With HDO - Avoiding taxes on Gambling
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Tax Time With HDO - Avoiding taxes on Gambling
It's the sixth version of The Swamp. What could possibly go wrong?
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tennbengal
- The Dude
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Re: Tax Time With HDO - Avoiding taxes on Gambling
Oooo, that's interesting. I almost had that come up this year, was curious about this actually.HDO45331 wrote: ↑Thu Jul 26, 2018 1:32 pm If anyone gets a W-2G for hitting $1200 or more in a casino, there are ways to avoid paying full tax on this. When I have time, I will post the things you need, to net out your session winnings and losses, for your 1040 return.
Probably within the next 2 weeks.
(edited to improve grammar and understanding.)
Re: Tax Time With HDO - Avoiding taxes on Gambling
Interesting.
My dad’s wife didn’t report her w2g’s to me last year. So he got a nasty gram. They have net losses documented from the casino issuing the w2g’s.
He’s retired and doesn’t have a lot of write offs so he is in the Standard deduction. Kick in the ass is the losses push him over to itemized but there’s a gap so he owes tax.
With the new increase to standard deduction, I think an awful lot of old timers are going to get jammed up with taxable gambling winnings that they can’t offset fully with losses. Imagine it’s going to surprise more than a few folks on fixed incomes that like to pull the slot lever.
My dad’s wife didn’t report her w2g’s to me last year. So he got a nasty gram. They have net losses documented from the casino issuing the w2g’s.
He’s retired and doesn’t have a lot of write offs so he is in the Standard deduction. Kick in the ass is the losses push him over to itemized but there’s a gap so he owes tax.
With the new increase to standard deduction, I think an awful lot of old timers are going to get jammed up with taxable gambling winnings that they can’t offset fully with losses. Imagine it’s going to surprise more than a few folks on fixed incomes that like to pull the slot lever.
oh shit...
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A_B
- The Dude
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- Joined: Mon Mar 11, 2013 7:36 am
- Location: Getting them boards like a wolf in the chicken pen.
Re: Tax Time With HDO - Avoiding taxes on Gambling
So don’t use fixed income on gambling?
You know what you need? A lyrical sucker punch to the face.
Re: Tax Time With HDO - Avoiding taxes on Gambling
Doing the usual last minute thing and having to review some quickbooks and banking info... so "HAMMERS GOOD TIME EMPORIUM" pops up as a business expense. Now I know what this is and its not what it seems but whomever owns this beach volleyball bar needs to do a solid by their customers and change the name on the credit card machine.
Re: Tax Time With HDO - Avoiding taxes on Gambling
Maybe in the same restaurant groupHaulCitgo wrote: ↑Mon Oct 15, 2018 12:48 pm Doing the usual last minute thing and having to review some quickbooks and banking info... so "HAMMERS GOOD TIME EMPORIUM" pops up as a business expense. Now I know what this is and its not what it seems but whomever owns this beach volleyball bar needs to do a solid by their customers and change the name on the credit card machine.