Page 1 of 1
Tax Time With HDO - Avoiding taxes on Gambling
Posted: Thu Jul 26, 2018 1:32 pm
by HDO45331
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
Posted: Thu Jul 26, 2018 1:46 pm
by tennbengal
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.)
Oooo, that's interesting. I almost had that come up this year, was curious about this actually.
Re: Tax Time With HDO - Avoiding taxes on Gambling
Posted: Fri Jul 27, 2018 8:07 pm
by teeteebee
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.
Re: Tax Time With HDO - Avoiding taxes on Gambling
Posted: Fri Jul 27, 2018 8:08 pm
by A_B
So don’t use fixed income on gambling?
Re: Tax Time With HDO - Avoiding taxes on Gambling
Posted: Mon Oct 15, 2018 12:48 pm
by HaulCitgo
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
Posted: Mon Oct 15, 2018 1:22 pm
by wlu_lax6
HaulCitgo 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.
Maybe in the same restaurant group