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Server Time: 10/6/2008 4:44:00 PM PACIFIC |
 Deducting losses from tournament winnings, jaustin, 3. Dec 2003 17:21 | ||
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| I recently played in a tournament and as part of the final table deal, took the taxes for first place and had two questions I was hoping someone might know the answers to: 1) Since the 1099 states I won $2700 but actually only got $1850, can I report the $850 as a gambling loss, or am I stuck with the full amount? 2) What documentation (if any) is required to show my other gambling loses. Can I just put down that I went to AC on these dates and lost this much each time or do I need something official from the casino (the poker floor manager told me that they track table losses on table games other than poker and the casino gives out slips - unfortunately I often don't give them my card when I play). Will I be ok without these? Thanks. | ||
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| Re: Deducting losses from tournament winnings, Roy Cooke, 3. Dec 2003 18:27 | ||
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| Go to WWW.CardPlayer.com and read the website of Yolanda Smulik-Roche.....They are a good source of info on gambling and taxes! Life is Good :-) Roy Cooke on 3. Dec 2003 17:21 jaustin wrote: > I recently played in a tournament and as part of the final table deal, took the > taxes for first place and had two questions I was hoping someone might know the > answers to: > > 1) Since the 1099 states I won $2700 but actually only got $1850, can I report > the $850 as a gambling loss, or am I stuck with the full amount? > > 2) What documentation (if any) is required to show my other gambling loses. > Can I just put down that I went to AC on these dates and lost this much each > time or do I need something official from the casino (the poker floor manager > told me that they track table losses on table games other than poker and the > casino gives out slips - unfortunately I often don't give them my card when I > play). Will I be ok without these? > > Thanks. | ||
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| Re: Deducting losses from tournament winnings, jaustin, 4. Dec 2003 11:17 | ||
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| Thanks. | ||
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| Re: Deducting losses from tournament winnings, RyanLM, 8. Dec 2003 10:46 | ||
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| As a designated Accountant, I feel that this may be the first time in which I can contribute to the forum, instead of just learning from it. The taxes withheld on the winnings are not losses, but in fact taxes paid in much the same manner as taxes are withheld from a regular payroll cheques. When tax time comes around, report this as taxes paid in the year and you will likely get a refund if you didn't have significant non-employment income. | ||
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