Tax Question

[Skidmark]

Weird. I'll shoot en e-mail over to a buddy of mine that does a lot more work with individuals than I have and see what he has to say. I'll PM you.

Thank you much

[Slowhand]

Yep, I haven't retrieved my win/loss reports yet, but it was for testing purposes.

For the test I claimed losses to offset all of my winnings, but it still said I owed, when before I entered those W2 it said I was getting money back.

So, even though i'm claiming enough losses to offset all my winnings, it still seems i'm being taxed on them to some extent.

Weird. I'll shoot en e-mail over to a buddy of mine that does a lot more work with individuals than I have and see what he has to say. I'll PM you.

[Skidmark]

I wouldn't think so because you're technically paying to play, so you're paying for a service. I think it's pretty dumb, so I do not play cards in OK.

[The King]

At Choctaw you have the option of this, but you have to ask. At Winstar i'm not sure if you have the option. The other places I went to they did not have that option.

edit: Most people wait and just retrieve a W2 because at the end of the year you will be able to claim losses.

If you play table games in Oklahoma casinos, such as Let It Ride or Blackjack for instance, shouldn't the commission paid by the player to the house for each hand of cards also be deductible?

[VaderTT]

I've never had to pay anything back, this year is the best return, to date!
Might buy a new bike for spring.

I Patrick a cpa yet? You could ask him.

[Skidmark]

I'm 90% sure that's exactly what my buddy was saying and I can clarify with him tomorrow if it's still an issue for you. I remember it fairly well at a bar, cause I got all pissed off about big government again while buzzing - which pissed me off cause I was trying to relax.

If you don't mind asking, i'd appreciate it Yea, they most definitely have their hands in every jar possible.

I know shit about taxes, and gambling, but don't they automatically take the tax out when you win over a certain amount?

At Choctaw you have the option of this, but you have to ask. At Winstar i'm not sure if you have the option. The other places I went to they did not have that option.

edit: Most people wait and just retrieve a W2 because at the end of the year you will be able to claim losses.

[mstng86]

I know shit about taxes, and gambling, but don't they automatically take the tax out when you win over a certain amount?

[ceyko]

So, even though i'm claiming enough losses to offset all my winnings, it still seems i'm being taxed on them to some extent.

I'm 90% sure that's exactly what my buddy was saying and I can clarify with him tomorrow if it's still an issue for you. I remember it fairly well at a bar, cause I got all pissed off about big government again while buzzing - which pissed me off cause I was trying to relax.

[Skidmark]

You can only deduct gambling loses to the extent of your winnings; if you had enough losses to offset all of your winnings, you still only get a deduction equal to the amount of winnings you had.

Yep, I haven't retrieved my win/loss reports yet, but it was for testing purposes.

For the test I claimed losses to offset all of my winnings, but it still said I owed, when before I entered those W2 it said I was getting money back.

So, even though i'm claiming enough losses to offset all my winnings, it still seems i'm being taxed on them to some extent.

[ceyko]

Dr. Dave pays that in taxes every day.

heh, I think his taxes are a lot worst than mine just for tax bracket purposes. Although, one year I paid in over 20K and only anticipated around 10K - that hurt. I was working overseas making a ton of cash though.

The max I have ever paid in taxes was $800, gheez I would be pissed paying back 8k.

Ceyko, you should have worked out the womenz body and had 2 kids in one year. Problem solved.

heh, I did have twins a couple years ago. We just miscalculated a few things and anticipated/saved for a good bit of it.

[Slowhand]

So I was tinkering with my taxes and I have a few W2s from gambling.

I'll use made up numbers to make it easier.

Before entering the gambling W2s I was to get back $1000.
I then entered the gambling W2s and I was to owe $1000.
I then entered by losses to match the gambling winnings and now it says I owe $500.

I would have thought that reporting the loss would null and void the winnings? Anyone have experience with this?

You can only deduct gambling loses to the extent of your winnings; if you had enough losses to offset all of your winnings, you still only get a deduction equal to the amount of winnings you had.

[slow99]

Str8t ballaz

[mstng86]

The max I have ever paid in taxes was $800, gheez I would be pissed paying back 8k.

Ceyko, you should have worked out the womenz body and had 2 kids in one year. Problem solved.

[Roscoe]

Yeah, I'm paying in 8K this year myself.

Dr. Dave pays that in taxes every day.

[Broncojohnny]

Right. Like writing off my wife's SUV, gas and mileage for carrying out her "home maker" business and my son's laptop as an education expense.

I hear the R&D costs on that whole sandwich project are running into the six figure range, might need to call in a consultant to reduce the backlog, that could get expensive!