Posted by ginab/pa on 2/14/12 11:06am
Msg #411699

TAX PREPARATION HELP

I know that this isn't related to notary work but i know there are alot of tax preparers out there so hopefully someone can help.
I'm using Turbo Tax to prepare my fathers taxes and he received statements from 2 casinos he frequents. they list total bet and total winnings. Turbo tax only asks for wins and losses so my question is, do i put the total bets as losses and then the winning amount?
TIA

Reply by jnew on 2/14/12 11:15am
Msg #411702

If you itemize gambling on a tax form, expect an audit. I have a friend who is an expert online poker player and he informed me of this.

Reply by Linda_H/FL on 2/14/12 11:37am
Msg #411709

Not a tax pro...but my guess would be

Deduct the winnings from the total bets and the result is the losses...if he didn't win it back it's a loss, but the total bets is not a loss because he won some back.

Other things to consider if claiming gambling wins/losses

http://www.irs.gov/newsroom/article/0,,id=108277,00.html

Reply by Yoli/CA on 2/14/12 11:50am
Msg #411712

As explained to me in years past ...

For any single win in excess of $1200, the casino will issue a W-2G. That win MUST be claimed on your taxes. Insofar as losses, you can only claim gambling losses up to the winning(s) amount.

In other words, you can have winnings, partial winnings or a wash (winnings equal losses). You cannot show more losses than winnings. This formula is for all casinos combined.

Reply by John Tennant on 2/14/12 12:16pm
Msg #411715

Follow Linda's link

The information on this link is what the IRS is currently going by.

Reply by Allen/Mo on 2/14/12 12:21pm
Msg #411717

IMO total bets go in the loss column and winnings go in the win column. Loss cannot exceed winnings, but I believe Turbo tax will figure that for you automatically. I also believe that for the casual gambler this will not trigger any greater risk of audit than other factors.l
I am not a tax expert but base this on using these items on my own tax return for 20 years which is how long I lived in Las Vegas.

Reply by ME/NJ on 2/14/12 1:13pm
Msg #411726

I see a audit in our future (2011)

Kim has had a few major cashes playing poker in 2011 and was issued 1099's by a few casinos. So I know we will get audited for 2011. We have a accountant whose field is gambling doing the taxes this year.