Biggest prize anyone every won on Ncl

[NLH Arizona]

No wonder you are confused. The OP didn't finish the point. YOU (as a non-professional) can't deduct losses in excess of your winnings on your NORMAL income but.... a "professional" gambler actually CAN because that is actually his professions.... I think.

 

Also, it appears that may be contagious as Hawaiifrank did not elaborate on the point regarding reducing your "award" by 40%... How? Just because one can find other print showing the lowered values does not mean that anyone can "CLAIM" the lower values on your federal taxes. wonder if he had to file an appeal or some type of paperwork (IRS form #?) in order to have the opportunity to claim less than the award? Just because someone claimed it and the IRS may not have (yet) come back does not necessarily mean it was OK to do it that way. Hope he hung onto his justification because he could just get a letter from the IRS...on day.

 

Hopefuly he can share with the class how he did it as I would LOVE to claim less than comes in on a W2G for my "amateur" winnings (golf clubs, trips, etc) from 2010 & 20111 (where they added up to RETAIL figures well beyond what one could have paid for them).

I was only confused by his comments.

 

I've been deducting my losses for many, many years and am not a professional gambler and understand that you can deduct your losses up to the amount of your winnings.

[Jay Sam]

I won 321.00 on Deal or No Deal on Sky in late April. Was on stage and it was a hoot. Spent 20.00 to play so 300.00. Quite a memorable birthday.

[jfkny]

I won $530 at BINGO this week while on the Breakaway. I also hit for $200 total on some slot machines after only betting $20.

[TVLady3]

I hit the Ouick Hits Jackpot on a 2 nite cruise to nowhere on NCL Star for $15,000 back in 2012! Not at sea but at Tropicania casino in Atlantic city 3 weeks ago,I hit on another Quick hit machine $10,000!!!:eek::eek:

[Out to sea!]

It is actually for winnings $1,200 and over.

 

Yes someone corrected that earlier. I never get even close to either number so I've never had to worry about it. :)

[ndabunka]

Another point made by someone else about the stated value, i.e. full retail price vs actual cost you would pay--you can adjust the amount on your tax form. My wife won a contest at 7-11 for a hotel stay and inter-island flight. In our case that was from Oahu to The Big Island (Hawaii). The contest sponsors sent us a 1099 claiming that the prize was worth $1500. They used a rack rate of $350/night for the hotel and the full published price for the Hawaiian Airlines flight. I researched it and was able to adjust the value lower by about 40%. No one ever pays rack rate, especially local residents and the same for the flight.

 

Could you elaborate on the point regarding reducing your "award" by 40%... How? Just because one can find other print showing the lowered values does not mean that anyone can "CLAIM" the lower values on your federal taxes. Did you have to file an appeal or some type of paperwork (IRS form #?) in order to have the opportunity to claim less than the award? Just because someone claimed it and the IRS may not have (yet) come back does not necessarily mean it was OK to do it that way.

 

Could you share how you did it as I would LOVE to claim less than comes in on a W2G for my "amateur" winnings (golf clubs, trips, etc) from 2010 & 20111 (where they added up to RETAIL figures well beyond what one could have paid for them).

[ncklhaus]

A close friend won $20,000 and a free cruise last year on Breakaway to Bermuda. They were playing penny slots and were about to go back to their room, when a dollar machine was "calling them:D", they each put in a $20 bill and WINNER!! They were given a check for the winnings, a voucher for the cruise, and a 1099-G for the $20,000. Nothing for the cruise.

[Hawaiifrank]

Check out IRS Publication 525 page 33 (2014 edition). You can download it in PDF format from the IRS website. In the center column near the bottom under "Prizes and Awards". It says the "fair market value" must be deducted. No one ever challenged it, so if I was wrong, I got away with it, I guess.

 

It's been a long time, maybe 12 years so, I guess it's moot now. Maybe the rules were different then. At any rate, I justified it with my understanding of the rules and my conscience is clear.

 

This was a contest prize not cash or gambling related. Those rules may be different as well.

Edited June 8, 2015 by Hawaiifrank

[moonieelf]

I won a coffee cup and a deck of playing card. I use the coffee cup almost every day.

[ndabunka]

Check out IRS Publication 525 page 33 (2014 edition). You can download it in PDF format from the IRS website. In the center column near the bottom under "Prizes and Awards". It says the "fair market value" must be deducted. No one ever challenged it, so if I was wrong, I got away with it, I guess.

 

It's been a long time, maybe 12 years so, I guess it's moot now. Maybe the rules were different then. At any rate, I justified it with my understanding of the rules and my conscience is clear.

 

This was a contest prize not cash or gambling related. Those rules may be different as well.

 

Thanks for the quick & detailed info. I'll dig aronud and see how I might be able to leverage this new knowledge. I haven't won (a damn thing) in 2015 (yet) and hate to file ammendments so will likely leave the proir years alone

[NMLady]

To nfabunka:

 

It's called "adjusting fair market value" and I have done it on a trip I won in the past.

A CPA told me about it.

If you use a program such as TurboTax you will find it where you report 'other income'.

Edited June 8, 2015 by NMLady

[drvalo]

I won a bottle of wine, a men's necktie and several large pieces of art (posters) one cruise at the art aution.

 

I have won many tee shirts, pens, key rings, beach balls, decks of cards, etc, playing trivia and other games as well as by participating in some of those game shows in the evening.

 

As for the casino, I have a gambling problem. I always lose.

[sgmamabear]

Don't discount the value of flip flops. My 6k went back into various land casinos and another ncl cruise. I bet you still have those flip flops!! Lol

 

 

LOL I do still have them!

[tdeyette]

On our Pride Of America cruise my wife and I went to Teppanyaki for dinner one night. Our chief did the contest where he flips some egg at you and you needed to catch it in your mouth. His promise was the first person to catch it would get a free dinner…

 

Needless to say I was the only one to catch it…. he then announced that my free dinner was in the Horizon Court the next night…..

[luv2swimwdolphins]

That's a riot!!!

[LrgPizza]

Sort of a stupid funny story... On my Spirit cruise I momentarily thought I'd won a free cruise. I decided to play my hand at Bingo on the last day, having never played before. I bought a few cards, and scrambled to keep up. Apparently it was a version called Blackout, or something like that. I didn't know what that meant. I just thought Bingo meant 5 in a row or whatever. When I had a full row in the B column, I jumped up and yelled, "Bingo!!" and danced and jumped up and down, thinking I'd won a free cruise. I was quickly corrected by the caller, and for some reason my mistake pissed off the rest of the room. I started to continue playing, but a woman told me I wasn't allowed to play anymore since I'd made a false claim. The caller supported her, so I pitched my tickets and left.

Edited June 8, 2015 by LrgPizza

[Mrs. H.]

My husband kicked butt with the game The Weakest Link. Won a nice basket of stuff! :D

 

Too bad there wasn't free cruise coupon in it. :mad:

 

Not sure if it was on NCL or Carnival or Royal. :confused:

[william]

Hit for $1200 on a 25 cent machine back in 2005.

[jackson bernard]

A couple weeks ago we won an iPad and 500 euros on that pusher machine. It took a while but we finally did it.

[Toni Wilson]

On Sun won $650.00 in casino

[chloemonkey]

I wonder, if you win that much over International Waters, what's the tax on it. I can only think once you declare it in the custom forms, you'll then report it as regular income? Any accountants here that could answer? :)

 

You receive the routine W2-G forms for anything over $1200.....and they hand it to you as you receive your hand payouts.....and it does get reported to IRS. BUT, at the end of the year, you can request a Win/loss statement form NCL to show what your bottom line was....i.e. money won vs money spent. That is IF you use your key card at all times while gambling.

[chloemonkey]

For IRS the tax depends on what tax bracket you are in.

 

I wasn't aware that you had to declare it on customs forms, unless you have the amount in cash. Then you'd also have to have forms showing origin since it is more than $10,000 in cash.

 

But usually the casino gives check or gives option of wire transfer to your bank. In either of those cases, nothing to declare for customs.

 

We have won LOTS more than that....and never been given the option of having a check issued or money wired back home. And it is $10,000 per PERSON, so if each of you carry $10,000......you do not have to declare with customs.

[chloemonkey]

I thought one had to be a professional gambler in order to deduct their losses to offset winnings. Is that not true?

 

 

Not true...

[IWORK2CRUISE]

I won a HUGE prize on our Family cruise on the Breakaway. I reconnected with my family. No phones, ipods, text's ect... We, did things as a family. Actually sat down for meals together, AND TALKED!!!. I was a wonderful experience. You forget the little things in life with all the distractions of modern living.

 

I believe that was the biggest prize, at least for us.

 

That is why we need a "LIKE" button.

Good for you!

[cruiseelady]

I won 300 bucks playing the slots(quarter) machine on NCL Sun.