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HomeBingo Games - Bingo Bulletin - Tax and Gambling

Tax and Gambling

Confessing your gambling losses to a spouse may be difficult, but telling the government about the wins can be even tougher.

State tax laws on gambling winnings vary, and confusion abounds about whether gamblers can offset reported winnings with losses, tax experts say.

John Roth, now an analyst with the tax information publisher CCH Inc., was working a few years ago for a national tax preparer when an Illinois client who was a gambler came in to have her annual return prepared.

"She had basically been playing the same $2,000 over and over. So on paper she had won about $100,000, but was down about $100 with all the losses," Roth said.

Because Illinois does not allow deductions for losses, she owed nearly $6,000 in taxes on the winnings, Roth said.

"She was furious," he said. "A lot of recreational gamblers know you can deduct losses from wins on the federal side, but no one thinks about the state laws."

Marissa Chien, a Las Vegas accountant, said that even state auditors sometimes make errors on the tax treatment of winnings.

"The whole field of taxes and gambling is a crapshoot, pardon the expression," said Chien, who wrote "Tax Help for the Frugal Gambler" (Huntington Press, $25) with gambler Jean Scott.

Who needs to spill the beans about gambling income? Players of lotteries, raffles, casinos and horse and dog races, as well as winners of non-cash prizes, such as cars and trips, according to the IRS.

All gambling winnings are supposed to be reported on line 21 of your Form 1040.

For winners who receive at least $600 (or $1,200 from bingo and slot machines or $1,500 from keno) and those winnings are 300 times or more the amount of the wager, the payer is required to issue a W-2G.

Win more than $5,000? At least 25 percent of the take may be withheld for federal income tax.

If you itemize deductions, you can claim your gambling losses on line 27 of Schedule A on the 1040 form, but you can't deduct more than your winnings.

Check your state tax implications because not all states allow deductions for losses.

Most important, tax experts say, is to keep meticulous logs of your gambling outings, recording all wins and losses. Keep player cards and receipts in case of an audit.

- Janet Kidd Stewart www.courant.com

Books By Jean Scott

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 HomeBingo Games - Bingo BulletinBingo Tips pg 2

 

 

 

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