Tax time coming up...

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    Last post ago almost 6 years by gabby
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      Super Hero
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          Super Hero
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                      I know about filing and reporting on big wins from land based casinos (W-2G)  but
        I am not entirely sure about the wins from online.    How are we or are we required to report
        those?
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          Mighty! Member
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        ssshhhhhhh!

        LOL

        basically, self report.  or, don't.  I believe you are required by law to report your winnings and can deduct your losses.  You may find it difficult to add it all up, but most casinos have a history you can use should you want to.
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          Superstar Member
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        Bongo~~~
        Hah, only wish I have some wins to report...

        ahem, back to the topic, I agree with chilly that it would be upto you.
        I heard that sometimes you can even report all the losses that is if you have some ways to proof them like bank/credit cards statements.
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          Mighty! Member
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        I highly doubt the foreign countries will be sending you a 1099.
        If you happen to get something (ha).. offset it with your losses.

        I've always offset losses for land based winnings....

        And lolololol at the Ssssshhhh 
      • 9s1jj83
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          Mighty! Member
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        You can offset IF you report them... but I am pretty sure there is a cap on how much you can offset with losses, so check before you do it for sure!
      • Thsuper31
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          Mighty! Member
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        yay to be Canadian...gambling is tax free
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          Super Hero
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        • 9s1jj83
        If you were given a W-2G, you should absolutely report it. 

        But, frankly if you won a bunch of cash at a casino, or had winnings wired to you, there is NO W-2G.....then, obvioiusly, there is no record with the government that you won a dime.

        However, a COMPLETE audit would reveal the foreign wire transfers.  And, if you were DUMB ENOUGH, to deposit you cash winnings, it would show up in bank records.
      • Soad1
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          Hero Member
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        ugggh i have not done my taxes yet. I hope i don't get an audit or i am in deep doo doo 
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          Mighty! Member
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        I've read many casinos list bogus things on credit card statements to hide the fact they are accepting US funds.  Some have said things like 'car service' laundry service' etc.,  used for a cover. 

        If that's true.... there is NO way any overseas casinos want Uncle Sam in on their business. 

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