They issue win/loss statements yearly. You must play with your players card to be tracked whether at the tables or playing slots. This tracks loss vs. win, not risk. Risking a paycheck is not the same as losing it. Source: was in casino management for years
darn, in my head, the totality of the logistics was "the casino doesnt know my SSN"
If you tried the claim (assuming you were audited later) they could ask for a receipt?
The ignorance here is not feigned and I expect to discover I have missed a vital point.
For the record, the whole inquiry came because I saw a checkbox to deduct 'gambling losses' but I didnt check it so no idea what would come after.
Thanks for the info so far and do please continue to clue me in.
Have you ever heard of how the gambling losses re: Income tax deduction would go down or know what the particulars there are?
ie: maybe this only means investments? Maybe the horse track and barracks dice aren't valid 'gambling losses'?
In addition gambling losses are only deductible up to the amount of gambling income. You can't use gambling losses to offset earned income. Plus you have to itemize.
Well, there goes the whole damn plan.
Thanks, that makes more sense.
Any time you win jackpot $1200 or more (varies depending on game) in slots, you get a W2G which is a gaming income statement. Aggregate wins of less than 1200 are not taxable regardless of total. Total cash in or out in a “gaming day” (varies by casino) of 10000 or more is reported daily to the IRS via Currency Transaction Report which casinos fill out each day. You must play with a players card to have your losses tracked.
What about people like foreigners or illegals winning the lottery?
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