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  #1  
Old February 1st, 2008, 04:17 PM
Carmine782 Carmine782 is offline
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Default Never got a W2G From my Blackjack Winnings? What should i Do?

Good Evening Everyone, There was a single session where i won about $15,000 Playing blackjack, they asked for my SSN and filled out a CTR and everything, but i never got a W2G in the Mail from the Casino, What should i do? I just dont want to make sure i pay my taxes correctly.

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Carmine
  #2  
Old February 1st, 2008, 04:57 PM
21forme 21forme is offline
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W2G's are not issued for table games. They took your SSN because you were over 10K for the CTR.
  #3  
Old February 1st, 2008, 05:43 PM
Carmine782 Carmine782 is offline
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So I know how much I made, do i just report that as Gambling income on my tax return? Dont they need proof on my tax return?

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  #4  
Old February 1st, 2008, 06:50 PM
21forme 21forme is offline
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The following from http://www.irs.gov/taxtopics/tc419.html

There are more links embedded within this text at the IRS's web sit, if you want to read further.

If you have sufficient income to bet enough to win 15K in one sitting, you probably have a CPA do your taxes. If not, you should!


Topic 419 - Gambling Income and Expenses

Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income.

A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported irrespective as to whether any portion thereof is subject to withholding. in addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
  #5  
Old February 1st, 2008, 11:39 PM
mdlbj mdlbj is offline
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See no evil hear no evil. I would not report anything unless you are called about it.. IRS making a phone call?? Yeah right.
  #6  
Old February 2nd, 2008, 04:01 AM
moo321 moo321 is offline
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Um... I'd put it on your taxes, since there was a CTR.
  #7  
Old February 2nd, 2008, 05:19 AM
Carmine782 Carmine782 is offline
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I know i have every intention to do that, but how do i find out what the exact amount is? I have records, but i want to make sure my record matches the casino's record for that day.
  #8  
Old February 2nd, 2008, 07:50 AM
InPlay InPlay is offline
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Quote:
Originally Posted by moo321 View Post
Um... I'd put it on your taxes, since there was a CTR.

Just because you have CTR that does not make you a winner. You could still be a loser that day.
  #9  
Old February 2nd, 2008, 09:25 AM
moo321 moo321 is offline
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Quote:
Originally Posted by InPlay View Post
Just because you have CTR that does not make you a winner. You could still be a loser that day.
You're assuming that the IRS is rational, or that you are innocent until proven guilty. In tax court, if they decide you're lying, you're lying, and you better have good records to prove them wrong. ****ing with the IRS is -EV. Definitely not when there's a paper trail. If it was gambling wins that weren't recorded, I might tell you to give the IRS the finger and not report it. This isn't one of those times.
  #10  
Old February 2nd, 2008, 11:03 AM
rookie789 rookie789 is offline
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You can contact the casino(s) you've played at in 2007 and request win/loss statements to verify your records approximately match those of the casinos, some such as HET can be viewed and printed at their website.
 

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