Carnival gambling winnings W2-G question

[Luckiestmanonearth]

So my DW won $1,500 on slots last year and now I have to file our W2-G gambling winnings with our tax filing

 

Problem is that Carnival didn’t put their Tax ID number on the W2-G.

 

If anyone else has received a W2-G from Carnival, can you send me their Tax ID ?

 

Or because they didn’t send me that number, does that preclude me from having to file our gambling winnings ?

[ElCrappyTan]

Mine says 59-1562976. It should be in the first box with the address, phone number, etc. 

 

And yes, you have to file it.

[RWolver672]

I don't know if Carnival does it or not but all land based casinos will give you a loss statement if you are enrolled in their players clubs.  If your husband is enrolled in one or more, have him contact that casino and request a loss statement.  That can be deducted from his winnings on his taxes.  Hopefully that hasn't changed this year.

[mfs2k]

1 hour ago, RWolver672 said:

That can be deducted from his winnings on his taxes.  Hopefully that hasn't changed this year.

 

FYI. Starting this year you can only offset winnings with losses if you have enough deductions to itemize. With the increased standardized deduction and the reduction in SALT deductions, many people can’t itemize who did before. 

[Luckiestmanonearth]

11 hours ago, ElCrappyTan said:

 

 

11 hours ago, ElCrappyTan said:

Mine says 59-1562976. It should be in the first box with the address, phone number, etc. 

 

And yes, you have to file it.

 

Thanks for everyone’s feedback

[ElCrappyTan]

1 hour ago, mfs2k said:

 

FYI. Starting this year you can only offset winnings with losses if you have enough deductions to itemize. With the increased standardized deduction and the reduction in SALT deductions, many people can’t itemize who did before. 

 

A majority of people don't fully understand the tax ramifications of this. They think they can just deduct it right "off the top". They don't realize they had to claim losses as a itemized deduction, and in many cases, the standard deduction was still greater than their itemized deductions, leaving them taxed on the entire amount of the W-2G(s).

 

Happened to a friend of mine years ago. Hit a $2,000 jackpot on a cruise ship. Thought he could offset it with $5,000 in losses from his land-based casino play and wouldn't be taxed for it. He was married, rented (no mortgage interest), lived in a low income/property tax/no sales tax state, and really did not have many other items he could deduct (medical/charitable), so his $5,000 losses was less than the $12,000 standard deduction, so he was taxed on the entire $2,000 even though he had a net gambling loss.

Edited February 21, 2019 by ElCrappyTan

[LightCruiser210]

When I get some gambling winnings I will let you know lol

[bowlinmoe]

Keep in mind that if you received a form 1099 for gambling winnings, the IRS has received a copy as well.

 

These winnings, without a doubt, need to be reported or the IRS will be looking for you.  I wouldn't recommend lumping it in with other winnings.  If you received a few 1099's for gambling winnings, I'd suggest showing them separately on your tax return.

 

*Insert disclaimer here about this not being tax advice and you should consult a tax professional.  : )