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Server Time: 12/3/2008 5:57:14 PM PACIFIC |
 taxes, aces_up, 8. Jun 2003 19:20 | ||
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| Last year I won a bad beat jackpot. Near the beginning of the year, the casino sent me a 1099-misc showing the winnings. Note that I said a 1099-misc, not the w2-G. What's the difference? My tax advisor said that by using the 1099-misc the money is considered a prize, not poker winnings. This means that I can't deduct my losses against my jackpot winnings. THIS SUCKS! Does anyone know anyway around this stupidity? Aces_up | ||
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| Re: taxes, Easy E, 9. Jun 2003 05:32 | ||
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| Never heard of that before, but I'd check with a tax attorney. Shouldn't be any different than a slot jackpot, where you can deduct losses UP TO your total wins... You can't, however, deduct expenses and such (have to file as a professional gambler in order to do that, with restrictions). | ||
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| Re: taxes, stdioh, 10. Jun 2003 11:20 | ||
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| Definitely talk to a tax lawyer. Then what I would do is pay the amount you believe you should be paying assuming that it is a gambling win and not a prize, properly annotate everything, and send it to them. Then you are putting the onus on them to show that you won a prize, not a gamble. You'll probably never hear peep out of them and if they want to audit you, you can show that you acted in good conscience. The worst thing that'll happen is they will decide that you did win a prize, make you pay the extra, make you pay the interest, and possibly even assess you for penalties, but I would say that the +EV action here is to pay your taxes according to what you think you are supposed to pay, include a letter telling them how and why, and hope they just rubber stamp it out of laziness. | ||
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