USE this LINKTax time is across the corner. When you were one of the most Lucky individuals who won money on the Casino, you can also find that you're not so “Lucky” while you fill out your taxes. Uncle Sam likes to share on your joy by claiming a bite of your winnings for himself. That may be exactly what happens to many “Winners” each April 15th, who don’t keep a gambling diary or logbook.
The IRS requires the casinos to report any wins over $1,200 on slot and video poker machines or other games similar to keno lottery or horse racing. You probably have a win equal to or more than $1200, you'll be issued a W-2G form. This kind lists your name, address and social security number. The casino would require proper identification before you might be paid your jackpot. This is why you want to always carry a legitimate type of identification with you whilst you visit the casino.
A copy of the W-2G goes to the IRS and also you are required to list these winnings when filing your income tax. The law means that you can deduct gambling loses as much as the quantity of your winnings. You'll only do that if in case you have documentation of your loses. Keeping a diary or logbook, is how one can do that.
A proper log should contain; 1) The kind of game and serial selection of the machine you played. 2) The date and site where you played. 3) Your wins and losses for every session or game. 4) Additional evidence of gambling activities. Your log book have to be accurate and may be filled out as accurately as possible. I LOCATE it best to record my sessions in a small notebook which I carry with me to the casino. I then transfer this right into a spreadsheet on my computer once I get home.
Normally the IRS will accept this log however I'M REALLY NOT a CPA and the most efficient advice I WILL provide you with is to refer to a certified if you happen to do have a large win on the casinos.
If you don’t keep a log book already you need to start together with your next visit to the casino. Many players wait until they do hit a jackpot before they even take into consideration keeping one. I once examine a player who finally hit a big progressive jackpot. It happened on New Year’s Eve. He have been losing throughout the year but he had no documentation to prove his losses and was required to pay taxes at the full amount.
There is one more reason to maintain a log book that doesn't have anything do with taxes. It’s to maintain track of your individual personal wins and losses. Some players are likely to remember only the wins and forget or minimize their losses. It’s not uncommon to listen to players say they broke even or had a bit loss on the end of the year. Keeping a log may also help you set playing in perspective and provides you a decent account of the cash you're spending to your casino entertainment. Knowing that you're maintaining a tally of your losses may keep you from getting over excited and losing greater than you'll have during your visit.
If you play a game that requires skill comparable to video poker, live poker or blackjack it is necessary to maintain a log of your playing sessions. This log may also help you evaluate your skill level. If you're constantly having losing sessions then you definately might need to do some more studying of the way to play properly. I'VE a separate section in my log for each game that I play. This helps me to have a correct accounting on the end of the year each game so I DO KNOW which games was probably the most profitable.
Many player think that keeping a log is time consuming or unpractical. If truth be told it takes just a few minutes to do and you'll be glad you probably did while you hit the large one.
Ben Franklin said, “The only sure thing is Death and Taxes.” All of us must pay taxes but we don’t need to give Uncle Sam any further than we need to.
Until next time, remember: "Luck comes and goes...Knowledge Stays Forever!"
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