Gambling winnings

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • spencer
    Senior Member
    • Jan 2010
    • 115

    #1

    Gambling winnings

    Client has a W2G.. No problem, we've entered it. Client also has "Patron Estimated Carded Activity for 2009". Slot win $81,000. Slot wager $84,000. Comments please.
    An estimated carded activity thingie. What to do...Thanks!
  • Peachie
    Senior Member
    • Feb 2007
    • 377

    #2
    Just being logical--

    I know, notjing is logical in taxes--I see a $3,000 loss for "other income" line. I can't wait for the other responses.

    Comment

    • spencer
      Senior Member
      • Jan 2010
      • 115

      #3
      Don't think that can happen

      Originally posted by Peachie
      I know, notjing is logical in taxes--I see a $3,000 loss for "other income" line. I can't wait for the other responses.
      If acknowledged, winnings probably go on 21, but total wager goes on Sch A

      Comment

      • thomtax
        Senior Member
        • Nov 2006
        • 1276

        #4
        Wagers limited?

        I may be wrong, but are the amounts spent for wagers not limited to the amount of winnings? Of course with the W2G that may make more available for write off.

        LT
        Only in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".

        Comment

        • Peachie
          Senior Member
          • Feb 2007
          • 377

          #5
          Of course

          Originally posted by ESPENCER
          If acknowledged, winnings probably go on 21, but total wager goes on Sch A
          you are correct Espencer. I knew that. My being silly when it was uncalled for. Total Winnings to total losses on 21 and A.

          Comment

          • spencer
            Senior Member
            • Jan 2010
            • 115

            #6
            Yup

            Originally posted by thomtax
            I may be wrong, but are the amounts spent for wagers not limited to the amount of winnings? Of course with the W2G that may make more available for write off.

            LT
            That's what I was thinking

            Comment

            • spencer
              Senior Member
              • Jan 2010
              • 115

              #7
              You can be silly

              Originally posted by Peachie
              you are correct Espencer. I knew that. My being silly when it was uncalled for. Total Winnings to total losses on 21 and A.
              That may help keep us sane. i was just too ................to pick up on it.

              Comment

              • taxea
                Senior Member
                • Nov 2005
                • 4292

                #8
                Before I entered any of the amounts from the Estimated statement, I would have the client get actual figures...if he used the casino card there is no reason for estimates. What if the estimates are wrong...Depending on how much the 1099g says he won the estimated losses, if actually more than what they are saying could be helpful.
                Believe nothing you have not personally researched and verified.

                Comment

                Working...