Do You Keep a Gambling Log?
Wednesday October 8, 2008
A friend of mine hit a jackpot last weekend for $10,000 and he was lamenting that he had now had to pay taxes. When I asked him if he had kept a log he told me he never thought he would hit a jack pot that big so he did not. I told him it was not too late to start as he still had a couple months left in the year to record his play. So I thought I would start a poll to see how many people actually keep a log.
Comments
I keep a log of every expense and especially gaming. I, also, always use a players’ card that tracks ones’ playing time and dollar amount spent. As long as one keeps the cash-ins below the $1199 mark, one does not have to pay taxes or declare winnings (the IRS’s rules). When one hits a jackpot, one can use the log and, hopefully, if the casino is willing, provide a dollar amount of money put into machines and onto the tables for tax deductions. The most important part of gaming (unless one is a professional)lies in having fun, playing smart, and staying within the limits of what one can afford to play. One can declare losses only to the amount that one wins - including state lottery tickets - for the year. The IRS is liberal in its declarations and losses if one plays-the-game by the rules.
RacerOne statement: ” As long as one keeps the cash-ins below the $1199 mark, one does not have to pay taxes or declare winnings (the IRS’s rules).” is WRONG. The IRS states you MUST declare the year’s winnings which MUST be on the TAX FORMS.