Tax Question

[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]

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.

[mstng86]

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

[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.

[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.

[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?

[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.

[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]

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