Video Poker Forum

thinking of using turbo tax this year, does it allow for write offs against my casino 1099 wins?

does anyone have experience with this scenario?

thanks


Scott

I don't know anything about turbo tax software, but writing off casino losses just against 1099 winnings is risky if one is audited.

Yes, I use Turbo Tax Deluxe.

Yes, we also use Turbo Tax. You'll have to enter all of your G statements one at a time. You will have to list your losses up to but not exceeding your wins. As for as audits we will use our Win/Loss and a requested Coin-In/Coin-Out report. Turbo Tax will also conduct "Chance of Audit" probability at the end of your taxes before you send them.

A warning: if you get money back from another state (we get a refund from La. since we are not residents) be careful how you claim it. Be consistent from year to year or the IRS will catch the mistake. The year we messed up they caught a mistake of less than $100.

Larry is correct..  Both of us have been given numerous W2-Gs and we always itemize them on our tax returns.  I carry a little notebook and keep extensive written records for each casino visit, including the date, time-in, time-out, casino name, machine numbers, total coin-in, win/loses for each day and who was with me if anyone.  We have yet to be audited, but are ready if that happens.  It's OK to show gambling loses against your winnings if you keep the right records, but never try to claim more loses than winnings.  That's a definite NO NO!

of course, losses only up to the total of 1099-G's. i have always done so, but never on my own with turbo tax, always had an accountant.

i have all the backup so there is no funny business...

thanks all.

I do it every year, using TurboTax. My last Federal IRS audit, they accepted my Win/Loss casino statements as backup to my loss claim.

The way Florida Phil does it is the right way. It is a real pain and cumbersome, but worth it in the long run if you get audited and get someone who will not accept any other write off method.

Carrying around my little notebook and a pen is a pain and definately looks geeky, but it's necessary.  I also record Royals and 4A-Ks.  I get some funny looks from other players sometimes when they see me make notes in my book.  I wonder what they think I'm doing... 

I'll worry about it when I get my first W2G!!!