If you win more than $600, you should receive a Form W-2G from the casino. Taxable Winnings When figuring your gambling winnings, only include the winnings from each session rather than using. Aug 29, 2012 You can claim your gambling losses up to the amount of your winnings on Schedule A, Itemized Deductions, under 'Other Miscellaneous Deductions.' You must report the full amount of your winnings as income and claim your allowable losses separately. You cannot reduce your gambling winnings by your gambling losses and report the difference.
Let me explain…
Person A wins a jackpot over $1200. Person B agrees to claim it (before the slot attendant arrives) -- usually for some money. Casino gives paperwork and payout to Person B. Is Person A breaking any rules from the casino? any tax rules by state? any federal rules?
would love some advice on this. i guess the question is, can someone else claim Person A's winnings? Doesn't this happen in the lottery?
timely help is appreciated
Forgot To Claim Gambling Winnings On Taxes
I don't have an answer for you but I am interested as well.
Last year one of my friends was sitting at a bar in the casino. The guy next to him was chatting with him while they both played keno. A few minutes later the guy said 'oh F' , my buddy looked over and saw that he won $1500. He said congrats but they guy told him he couldn't get the pay out. He handed my buddy his card and asked him to collect the money and they would split it. The guy left the casino very quickly.
He was either on the banned list and would get in trouble or was afraid his wife would find out since it was a taxable prize. He ended up collecting the money and getting the w2g. My buddy and I deliberated for about an hour trying to figure out what to do with the money. He decided to call the guy and split it. He was afraid that if he didn't the guy may call the casino and make up some kind of story to get him in trouble. I tried to convince him to just keep the money.
Sorry for derailing thread, I wanted to share my story.
I've had people ask me to claim a slot machine jackpot for them. Is this legal?
Let me explain…
Person A wins a jackpot over $1200. Person B agrees to claim it (before the slot attendant arrives) -- usually for some money. Casino gives paperwork and payout to Person B. Is Person A breaking any rules from the casino? any tax rules by state? any federal rules?
would love some advice on this. i guess the question is, can someone else claim Person A's winnings? Doesn't this happen in the lottery?
timely help is appreciated
I think its fine. In the case of the lottery, its a bearer document. He who holds it owns it.
Lots of 5 per centers at the track, will cash a huge win for a 5 per cent cut.
The only people trying to go after the 5 per centers is the IRS.
Wonder if anyone has ever refused a payout because they would have ended up having to pay more in taxes if the W2G showed up on their record.
Some people don't file taxes at all and this
would put them on the grid. I knew people
in the antique biz who hadn't filed a return
in 20 years.
Wonder if anyone has ever refused a payout because they would have ended up having to pay more in taxes if the W2G showed up on their record.
Once I was at the casino and heard the bells go off on the other side of the bank. I walk 5 feet around and nobody is there as I'm standing in front of the machine showing a $5000 jackpot on a quarter Munsters game. At the same time I just got there, a man appeared from nowhere, says yes weirdly and runs to sit at the machine. I couldn't help but be very suspicious he didn't trigger it and someone else hit it an ran out of the casino. The exit was nearby only 10 feet away so it's possible. The whole incident just never felt right.Once I was at the casino and heard the bells go off on the other side of the bank. I walk 5 feet around and nobody is there as I'm standing in front of the machine showing a $5000 jackpot on a quarter Munsters game. At the same time I just got there, a man appeared from nowhere, says yes weirdly and runs to sit at the machine. I couldn't help but be very suspicious he didn't trigger it and someone else hit it an ran out of the casino. The exit was nearby only 10 feet away so it's possible. The whole incident just never felt right.
This all seems kind of absurd. Say you want to stay off the grid and you don't pay taxes. Last thing you should be doing going into a casino where you can be put on the grid and made to file a return by winning big.