Never got a W2G From my Blackjack Winnings? What should i Do?

  • Carmine782

    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.

    Write back
    Thanks!
    Carmine

  • 21forme

     

    W2G’s are not issued for table games. They took your SSN because you were over 10K for the CTR.

  • Carmine782

     

    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?

    Write back
    Thanks
    Carmine

  • 21forme

     

    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.

  • mdlbj

     

    See no evil hear no evil. I would not report anything unless you are called about it.. IRS making a phone call?? Yeah right.

  • moo321

     

    Um… I’d put it on your taxes, since there was a CTR.

  • Carmine782

     

    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.

  • InPlay

     

    Quote: moo321 said:
    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.

  • moo321

     

    Quote: InPlay said:
    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.

  • rookie789

     

    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.

  • Doofus

    Note on dispute forum selection

    Quote: moo321 said:
    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.

    NEVER go to Tax Court. If you have a civil dispute with the IRS that is headed to court, make sure the allegedly-owed taxes get paid, and get your lawyer to file your suit in the US District Court.

    Yes, you can go to Tax Court without first paying the amount in dispute, but the win rate for taxpayers in litigation against the IRS in Tax Court is a fraction of the win rate for taxpayers in the regular District Court. Tax Court judges are frequently ex-IRS employees and ex-tax attorneys who are much less sympathetic to the little guy than the typical District Court judge.

  • shadroch

     

    Nobody wants to pay taxes. It’s just that some people would rather pay them up front and be done with them rather than deal with 50% penalties, 18% interest, having their wages garnished and liens put on their property.Think it won’t happen to you? So does everyone else.
    In your lifetime,you’re biggest expense is and will be the government. You’ll give them more than it will cost you for cars,for housing and for your childrens education.It’s just the way it is. Bitch and moan all you want,but in the end,you’ll pay.

  • moo321

     

    Quote: shadroch said:
    Nobody wants to pay taxes. It’s just that some people would rather pay them up front and be done with them rather than deal with 50% penalties, 18% interest, having their wages garnished and liens put on their property.Think it won’t happen to you? So does everyone else.
    In your lifetime,you’re biggest expense is and will be the government. You’ll give them more than it will cost you for cars,for housing and for your childrens education.It’s just the way it is. Bitch and moan all you want,but in the end,you’ll pay.

    Unless we elect Ron Paul.

  • InPlay

     

    Quote: moo321 said:
    Unless we elect Ron Paul.

    You have a better chance of getting 20 BJ in a row then him getting elected.

  • InPlay

     

    Quote: shadroch said:
    Nobody wants to pay taxes. It’s just that some people would rather pay them up front and be done with them rather than deal with 50% penalties, 18% interest, having their wages garnished and liens put on their property.Think it won’t happen to you? So does everyone else.
    In your lifetime,you’re biggest expense is and will be the government. You’ll give them more than it will cost you for cars,for housing and for your childrens education.It’s just the way it is. Bitch and moan all you want,but in the end,you’ll pay.

    Not bitching I am just trying to help those who prefer to pay taxes. I will pay payes on W2, and any other statement that is issued but NEVER on my own.

  • moo321

     

    Quote: InPlay said:
    You have a better chance of getting 20 BJ in a row then him getting elected.

    Will you accept a $1 bet at those odds?

  • InPlay

     

    Quote: rookie789 said:
    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.

    Sure i will do yhat right away. Can’t wait to give the goverment my money.

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