Rare BlerkOne Posted July 23 #226 Share Posted July 23 Just now, Stick93 said: You gamble? From your posts it doesn’t look like you are one of those people “gaming” carnival - but if you are I hope you win big in the casino and with a free room. IRS is looking for the big fish! I have been known to gamble, but I do so for entertainment. I don't bother notifying the casino, they know when I cruise. I get emails almost everyday about free rooms but have little interest in the cabins or cruises offered. I often have casino discounts on cabins I book and always more than I might have lost or will lose. Yet the offers keep coming Link to comment Share on other sites More sharing options...
Stick93 Posted July 23 #227 Share Posted July 23 (edited) 42 minutes ago, Elaine5715 said: I never mentioned wins and losses. Also, it is impossible for a causal gambler to record losses in a way that will pass an audit. Carnival could give you a wins/loss statement at the end of the year. The 1099 they give you when you win big on the slots it’s just as good and excepted Edited July 23 by Stick93 Link to comment Share on other sites More sharing options...
Rare jimbo5544 Posted July 23 Author #228 Share Posted July 23 (edited) 3 hours ago, aborgman said: You don't think they should, even if it maximizes profitability? I think it all about balance as opposed to maximize this or that, but that is just me. Edited July 23 by jimbo5544 Link to comment Share on other sites More sharing options...
kwokpot Posted July 23 #229 Share Posted July 23 8 minutes ago, Stick93 said: Carnival could give you a wins/loss statement at the end of the year. The 1099 they give you when you win big on the slots it’s just as good and excepted That's not the records the IRS requires or expects if one is audited. You need to show session by session how much you wagered and how much you won and lost. How you define a session is up to you. It could be each time you change a slot machines,it could be hourly,it could be daily. But it needs to be consistent and detailed. 1 Link to comment Share on other sites More sharing options...
Elaine5715 Posted July 23 #230 Share Posted July 23 14 minutes ago, Stick93 said: Carnival could give you a wins/loss statement at the end of the year. The 1099 they give you when you win big on the slots it’s just as good and excepted No, it is not. A w/l statement is not a tax document. 1 Link to comment Share on other sites More sharing options...
Elaine5715 Posted July 23 #231 Share Posted July 23 52 minutes ago, Stick93 said: You gamble? From your posts it doesn’t look like you are one of those people “gaming” carnival - but if you are I hope you win big in the casino and with a free room. IRS is looking for the big fish! It is far easy to collect taxes and fines from many little fish than one big fish who can afford an attorney Link to comment Share on other sites More sharing options...
Rare Illbcruzn4life Posted July 23 #232 Share Posted July 23 On 7/18/2024 at 9:41 AM, Old Fart Cruisers said: You can now use your ONE free drink per cruise at any time on Carnival. WOW! On Royal, you get 4 free drinks per day at just 80 days and 5 free drink per day at 175 days. they're bribes I've heard Link to comment Share on other sites More sharing options...
kwokpot Posted July 23 #233 Share Posted July 23 (edited) 17 minutes ago, Elaine5715 said: No, it is not. A w/l statement is not a tax document. For those that are interested in this topic, I can post some information on what my husband and I do. I'll give you a small snapshot of our 2021 return that I was able to quickly find and snap a pic. This is Schedule 1, additional income and adjustments to income. The supporting documents are uploaded to our accountant's portal,so I can access that tomorrow when I have more time. It will show what our recorded keeping is to substantiate the deduction/adjustment you see below Line 8B is the total amount of W-2Gs we received that year. Line8Z is the calculated losses based on sessions record keeping. Edited July 23 by kwokpot 1 1 Link to comment Share on other sites More sharing options...
hard_eight Posted July 23 #234 Share Posted July 23 Trigger warning! 3 Link to comment Share on other sites More sharing options...
Rare BlerkOne Posted July 23 #235 Share Posted July 23 Cheaper taxes and fees 1 1 Link to comment Share on other sites More sharing options...
RoperDK Posted July 23 #236 Share Posted July 23 21 hours ago, Elaine5715 said: I never mentioned wins and losses. Also, it is impossible for a causal gambler to record losses in a way that will pass an audit. It's called a win/loss statement and every casino offers them. 1 Link to comment Share on other sites More sharing options...
Rare BlerkOne Posted July 23 #237 Share Posted July 23 9 minutes ago, RoperDK said: It's called a win/loss statement and every casino offers them. Win/loss statements are estimates and depend on a player's card being inserted all the time while playing or a pit boss watching every play. 1 Link to comment Share on other sites More sharing options...
RoperDK Posted July 23 #238 Share Posted July 23 20 hours ago, kwokpot said: For those that are interested in this topic, I can post some information on what my husband and I do. I'll give you a small snapshot of our 2021 return that I was able to quickly find and snap a pic. This is Schedule 1, additional income and adjustments to income. The supporting documents are uploaded to our accountant's portal,so I can access that tomorrow when I have more time. It will show what our recorded keeping is to substantiate the deduction/adjustment you see below Line 8B is the total amount of W-2Gs we received that year. Line8Z is the calculated losses based on sessions record keeping. This is very interesting. The couple of times that I have had a hand pay, I just got my win/loss statements and deducted the losses to reduce the taxes owed. We don't itemize federal anymore but do use itemized for state. It seems like a full-time job to keep track of gambling sessions. We are small time gamblers. Once our daily budget is gone, then we find something else to do. Link to comment Share on other sites More sharing options...
Elaine5715 Posted July 23 #239 Share Posted July 23 (edited) 51 minutes ago, RoperDK said: This is very interesting. The couple of times that I have had a hand pay, I just got my win/loss statements and deducted the losses to reduce the taxes owed. We don't itemize federal anymore but do use itemized for state. It seems like a full-time job to keep track of gambling sessions. We are small time gamblers. Once our daily budget is gone, then we find something else to do. Edited July 23 by Elaine5715 1 Link to comment Share on other sites More sharing options...
kwokpot Posted July 23 #240 Share Posted July 23 44 minutes ago, RoperDK said: This is very interesting. The couple of times that I have had a hand pay, I just got my win/loss statements and deducted the losses to reduce the taxes owed. We don't itemize federal anymore but do use itemized for state. It seems like a full-time job to keep track of gambling sessions. We are small time gamblers. Once our daily budget is gone, then we find something else to do. As with most everything that you put in your Federal tax return it doesn't matter how you arrived at the numbers until you are questioned by the IRS. If you are questioned either with an initial inquiry via a letter, as we were, or a full audit what you say you do to arrive at the amount you need to pay taxes on will not hold up. 3 1 Link to comment Share on other sites More sharing options...
Elaine5715 Posted July 23 #241 Share Posted July 23 4 minutes ago, kwokpot said: As with most everything that you put in your Federal tax return it doesn't matter how you arrived at the numbers until you are questioned by the IRS. If you are questioned either with an initial inquiry via a letter, as we were, or a full audit what you say you do to arrive at the amount you need to pay taxes on will not hold up. My tax guy who is former IRS says no non professional gambler has ever had a gambling deduction hold up. It is always disallowed, resulting in taxes and fines. Link to comment Share on other sites More sharing options...
kwokpot Posted July 23 #242 Share Posted July 23 9 minutes ago, kwokpot said: As with most everything that you put in your Federal tax return it doesn't matter how you arrived at the numbers until you are questioned by the IRS. If you are questioned either with an initial inquiry via a letter, as we were, or a full audit what you say you do to arrive at the amount you need to pay taxes on will not hold up. Here's a screenshot of my husband's cell phone record keeping for his gambling. He defines a 'session' as a day of gambling. At the beginning of each year he takes these cellphone records and creates a spreadsheet for the whole prior year to figure out what he determines as winnings minus losses. Additional records includes a marker from the casino, photos of the slot machines, ATM receipts. Link to comment Share on other sites More sharing options...
Rare jimbo5544 Posted July 24 Author #243 Share Posted July 24 51 minutes ago, kwokpot said: Here's a screenshot of my husband's cell phone record keeping for his gambling. He defines a 'session' as a day of gambling. At the beginning of each year he takes these cellphone records and creates a spreadsheet for the whole prior year to figure out what he determines as winnings minus losses. Additional records includes a marker from the casino, photos of the slot machines, ATM receipts. My stomach just rolled.....😰 2 3 Link to comment Share on other sites More sharing options...
ngrund Posted July 24 #244 Share Posted July 24 1 hour ago, Elaine5715 said: My tax guy who is former IRS says no non professional gambler has ever had a gambling deduction hold up. It is always disallowed, resulting in taxes and fines. Your guy may be referring to taking a deduction (as in business loss) off of ordinary/other income, like you would for a stock capital loss that exceeded capital gains. kwokpot's husband is deducting his (documented) losses from the W-2G totals for the year, and still reporting additional income. 1 Link to comment Share on other sites More sharing options...
hurricane0226 Posted July 24 #245 Share Posted July 24 can I just get my free bloody Mary in the morning when I am hung over from gambling. 1 1 Link to comment Share on other sites More sharing options...
kwokpot Posted July 24 #246 Share Posted July 24 7 minutes ago, ngrund said: Your guy may be referring to taking a deduction (as in business loss) off of ordinary/other income, like you would for a stock capital loss that exceeded capital gains. kwokpot's husband is deducting his (documented) losses from the W-2G totals for the year, and still reporting additional income. Correct. He does not consider himself a professional gambler. That was discussed with our accountant and we determined that was absolutely not the way to go. As an addendum which would be germaine to this offshoot discussion as a couple we have decided to cutback the amount of gambling, both land-based and cruiseship gaming. We actually cancelled four comped cruises that we had planned for September, November, and December. We left in place a Holland America cruise planned for January, which is also a casino comp certificate from a land casino. We had an amazing run. Living in Philadelphia we are only one hour away from Atlantic City and being retired we had all the time to take advantage of the casino complementaries from all sources. But I think the novelty of it all has run its course. Link to comment Share on other sites More sharing options...
Elaine5715 Posted July 24 #247 Share Posted July 24 (edited) 26 minutes ago, ngrund said: Your guy may be referring to taking a deduction (as in business loss) off of ordinary/other income, like you would for a stock capital loss that exceeded capital gains. kwokpot's husband is deducting his (documented) losses from the W-2G totals for the year, and still reporting additional income. No, same thing. Gambling losses. His point was the causal player cannot document losses to offset a taxable win. The causal player assumes the win/loss accumulative totals is sufficient or they start asking people for losing lotto tickets. The IRS and professional gamblers know to document Edited July 24 by Elaine5715 Link to comment Share on other sites More sharing options...
StephPS79 Posted July 24 #248 Share Posted July 24 On 7/22/2024 at 8:18 PM, IntrepidFromDC said: Holy moly is right, favorite neighbor! I see you're in VA Beach. Please let me know next time you're cruising out of Baltimore, bar buddy. 😁 🏴☠️ 🍹 We'll actually be going out of Baltimore September 2025! Unfortunately, I'll still be a little shy of Platinum, unless we a book a few more free rooms and my ability to collect loyalty points hasn't been revoked between now and then. I'll keep you posted on that drink voucher, it's got your name all over it! 😆 1 Link to comment Share on other sites More sharing options...
Rare aborgman Posted July 24 #249 Share Posted July 24 14 hours ago, Elaine5715 said: No, same thing. Gambling losses. His point was the causal player cannot document losses to offset a taxable win. Yet I know non-professional gamblers who have claimed losses to offset taxable wins, been audited, and had it hold up. So I personally know at least one person that proves your accountant wrong. 1 Link to comment Share on other sites More sharing options...
jsglow Posted July 24 #250 Share Posted July 24 I get a nosebleed if I'm down $20. I avoid nosebleeds. 5 Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now