How much can a person win in a casino without paying taxes?

[DCal430]

Damn son, are you dense? Losses can be claimed to offset winnings up to the amount you've won. But, you can only claim as much in losses as you've had in winnings. If you're a perennial loser, you've lost that and can only claim as much of that as the amount you've won....essentially coming out with a zero on the whole shebang.

Cruise back up to post #7. Explains it pretty well......you claim winnings and can offset winnings with claiming losses, up to the amount of the winnings. You cannot just claim losses, though.

Winning affect your AGI, but losses do not. Losses are a schedule A itemized deducation and thus happen after AGI is calculated.

 

[DCal430]

Absolutely and incredibly wrong. You can win 10 grand but if you can prove you lost 10 grand you pay exactly zero tax on the 10 grand (unless the state takes a cut). You've never had to deal with this, have you?

The 10 grand you won will increase your AGI by 10K, but the 10 you loss will not lower your AGI back down again. So it will not offset 100%.

 

[her209]

Couldn't you can be at a net loss and still have to fill out the W-2G? Take the following scenario:

You roll in with 20K. You lose 10K and cash out. You're over the limit and have to fill out the W-2G.

 

[spidey07]

Couldn't you can be at a net loss and still have to fill out the W-2G? Take the following scenario:

You roll in with 20K. You lose 10K and cash out. You're over the limit and have to fill out the W-2G.

You ask the boss for a win/loss statement and claim your loss.

 

[purbeast0]

so i have a question...

say you win $100k in a casino but lose $90k in a casino so your total net gain is $10k ... do you only pay taxes on that $10k?

and if so, can i write off the $200 i lost in Vegas last month come tax time, since I didn't net anything, only lost?

 

[DCal430]

so i have a question...

say you win $100k in a casino but lose $90k in a casino so your total net gain is $10k ... do you only pay taxes on that $10k?

and if so, can i write off the $200 i lost in Vegas last month come tax time, since I didn't net anything, only lost?

The 100K will increase your AGI by 100K, the 90K would be an itemized deduction on your schedule A. 100K increase to your AGI should have some impact on your taxes as it will cause some other deductions to be phased out.

 

[sdifox]

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