Win/Loss statement from cruising casino play

[Debe7ing]

Not sure that everyone is aware, but IF you have a 1099 from winnings over $1,200 for the tax year from anywhere, you can request your "win/loss" statement from Princess cruise lines to help "negate" any tax liability for the year.

 

I filled out the application online less than 2 weeks ago, and received the statement in todays mail.

 

Just in case anyone else might be helped by this come tax season. ;)

[flamomo]

Not sure that everyone is aware, but IF you have a 1099 from winnings over $1,200 for the tax year from anywhere, you can request your "win/loss" statement from Princess cruise lines to help "negate" any tax liability for the year.

 

I filled out the application online less than 2 weeks ago, and received the statement in todays mail.

 

Just in case anyone else might be helped by this come tax season. ;)

 

 

Nice to know! I wish I had been made aware of this on several past cruises when I won >$1200 playing video poker. I think it would be appropriate for the casino staff to inform the player of this when they do a hand pay for an amount over $1200.

I am sure the amounts I put in trying to win exceeded the amounts of my wins. LOL

 

I imagine one would have to be sure always put use their key card in the machines when playing in order for that info to be available.

[CruisingJs]

Right. It's been a while since I've had to do this :mad: but you can offset big wins by losses incurred in any casino. This includes land based and ship based casinos.

[AKman2495]

Well, if it ever happens to me..:rolleyes:.it is good to know.....

[ischeer]

Just wondering: If husband and wife are filing a joint return, can losses of both (husband and wife) be used to offset winnings of just one ??

[Musky Ike]

Not sure that everyone is aware, but IF you have a 1099 from winnings over $1,200 for the tax year from anywhere, you can request your "win/loss" statement from Princess cruise lines to help "negate" any tax liability for the year.

 

I filled out the application online less than 2 weeks ago, and received the statement in todays mail.

 

Just in case anyone else might be helped by this come tax season. ;)

 

A win/loss statement should be available from them even if you did not win big onboard. It would be part of a total net win/loss from all gambling for the year when combined with statements from other venues. I do not see the request form on the Princess website. Is something they sent with the 1099?

[Pierlesscruisers]

Nice to know! I wish I had been made aware of this on several past cruises when I won >$1200 playing video poker. I think it would be appropriate for the casino staff to inform the player of this when they do a hand pay for an amount over $1200.

I am sure the amounts I put in trying to win exceeded the amounts of my wins. LOL

 

I imagine one would have to be sure always put use their key card in the machines when playing in order for that info to be available.

 

Don't forget, you can always file an amended return up to 3 years after the fact, so if you had losses during 2012, 2013 or 2014, you can file an amended return and get some of your taxes back. The filing date this year is 18 April 2015 so you'd have to file your amended 2012 return by that date. You'll even get some interest on your overpaid taxes for those years also. (Just don't forget to include that interest on your 2016 tax return, 'cause you know that the IRS will be watching for that! ;)

 

Tom

[LeeW]

Just wondering: If husband and wife are filing a joint return, can losses of both (husband and wife) be used to offset winnings of just one ??

 

Yes - we do it all the time. Catch is that losses (up to winnings) are declared in the last section of Schedule A. This form is only used if you itemize deductions. All gambling losses count, even scratch tickets.