Tax question regarding those with Form W-2G (Gambling Winnings Form)

[JerseyShop101]

If you have Gambling winnings that were reported to the IRS on form W-2G, how do you offset these winnings with your "offshore gambling losses"?

I wouldn't feel comfortable printing a copy of the sportsbook transactions. Is just making your own transaction list enough?

Thanks in advance.

[Shortstop]

Jersey, God bless you for reporting your gambling winnings!

I thought I was the only one who did this...

[LostBankroll]

Taxes?????????????????????? Only type of winnings I will report are those from the casino in which im forced to report or else I wouldnt report those either.

[Preston09]

I wonder if you can just report your offshore loses as a casino loss instead and just avoid the offshore info?

[michalis]

wtf in u.s. you get charged on your gambling winnings? wtf wtf wtf

in europe you dont get taxed on income from lucky games/gambling

the rational is that if you get taxed on your winnings, you must get tax allowances for your losses, and since most people loose money from gambling the government would loose a lot of money

[Fishhead]

Ok, here is what you do.......................


1. Keep a diary of all your wins and losses daily.

2. At the end of the year, add up the total amount in the WIN column and put this on LINE 21 as GAMBLING WINNINGS(Turbo Tax will lead you step by step with all of this).

3. Add up all you LOSSES and deduct that amount on SCHEDULE A(you cannont deduct more losses then wins though, only up to your WIN amount or less)

DONE


Very, very simple



I have had a few years where I've had over 50 W-2g's and have filed successfully using this method.

[BrentCrude]

Just gather up a bunch of losing tickets at Vegas sportsbooks or at the track and presto,you no longer are in the black.

[Fishhead]

Just gather up a bunch of losing tickets at Vegas sportsbooks or at the track and presto,you no longer are in the black.

Not really needed


ALL THE IRS REQUIRES IS AN ACCURATE DIARY.

This is something that is often not known by many gamblers...........as they feel you need to produce lost tickets, a slot report from a casino, or some other type of casino documentation when the truth of the matter is only a diary with dates, game played, casino, and amount won or lost is needed.

I recommend getting some COLUMNED PAPER at someplace like office depot and s small spiral bound notebook to keep it in.........this is precisely how I have done it for the past 15-20 years.

[dodger33]

Have you ever been audited Fishhead?

[JerseyShop101]

Thanks guys and Thanks Fishhead.

Its so hard to win, and then when we do win, we have to pay the excessive tax on the winnings. It should almost be a given, that any winnings on file should automatically be offet by losses without having to provide proof.

[Fishhead]

Have you ever been audited Fishhead?

Yes, the IRS agent loved my organizational methods that I used not only for gambling related activities, but other ventures that I have partaked in over the years.

No need to sweat the IRS if one is two things...........HONEST and ORGANIZED.

[dodger33]

100% true! thanks for sharing

[Boner_18]

For the purpose of declaring losses to offset gains an honest calculation, like that fishhead suggests, will be sufficient.

In the case of an IRS audit a self-attestation will not fly. It simply will not.