USE this LINKTax time is across the corner. In the event you were some of the Lucky individuals who won money on the Casino, you may also find that you're not so “Lucky” while you fill out your taxes. Uncle Sam likes to share to your joy by claiming a bite of your winnings for himself. That may be exactly what happens to many “Winners” each April 15th, who don’t keep a gambling diary or logbook.
The IRS requires the casinos to report any wins over $1,200 on slot and video poker machines or other games equivalent to keno lottery or horse racing. If in case you have a win equal to or more than $1200, you'll be issued a W-2G form. This way lists your name, address and social security number. The casino would require proper identification before you're paid your jackpot. Because of this you desire to always carry a sound type of identification with you while you visit the casino.
A copy of the W-2G goes to the IRS and also you are required to list these winnings when filing your income tax. The law lets you deduct gambling loses as much as the volume of your winnings. You'll be able to only do that when you've got documentation of your loses. Keeping a diary or logbook, is easy methods to do that.
A proper log should contain; 1) The kind of game and serial choice of the machine you played. 2) The date and placement where you played. 3) Your wins and losses for every session or game. 4) Additional evidence of gambling activities. Your log book should be accurate and will be filled out as accurately as possible. I LOCATE it best to record my sessions in a small notebook which I carry with me to the casino. I then transfer this right into a spreadsheet on my computer once I get home.
Usually the IRS will accept this log however I'M REALLY NOT a CPA and the most efficient advice I WILL BE ABLE TO come up with is to refer to a qualified when you do have a large win on the casinos.
If you don’t keep a log book already you wish to start together with your next visit to the casino. Many players wait until they do hit a jackpot before they even take into consideration keeping one. I once examine a player who finally hit a big progressive jackpot. It happened on New Year’s Eve. He have been losing throughout the year but he had no documentation to prove his losses and was required to pay taxes at the full amount.
There is one more reason to maintain a log book that doesn't have anything do with taxes. It’s to maintain track of your personal personal wins and losses. Some players are likely to remember only the wins and forget or minimize their losses. It’s not uncommon to listen to players say they broke even or had somewhat loss on the end of the year. Keeping a log may also help you place playing in perspective and provides you a decent account of the money you might be spending in your casino entertainment. Knowing that you're maintaining a tally of your losses may keep you from getting over excited and losing greater than you'll have during your visit.
If you play a game that requires skill reminiscent of video poker, live poker or blackjack it's important to maintain a log of your playing sessions. This log can help you evaluate your skill level. If you're constantly having losing sessions you then might have to do some more studying of ways to play properly. I'VE a separate section in my log for each game that I play. This helps me to have a correct accounting on the end of the year each game so I DO KNOW which games has been essentially the most profitable.
Many player think that keeping a log is time consuming or unpractical. If truth be told it takes only some minutes to do and you'll be glad you probably did whilst you hit the large one.
Ben Franklin said, “The only sure thing is Death and Taxes.” All of us must pay taxes but we don’t must give Uncle Sam any further than we need to.
Until next time, remember: "Luck comes and goes...Knowledge Stays Forever!"
$25 free NO Deposit & %200 FIRST DEPOSIT BONUS! 13 Years online! SLOTLAND casino. $100,000+ progressive JackPots!
USE this LINK
USE this LINK
Read More... [Source: About.com Casino Gambling: What's Hot Now]
No comments:
Post a Comment