Introduction to Keeping Gambling Records

Gambling Tax Laws
Gambling Casinos Near Me
Minimum Gambling Money Tax At Casino Near Me

Keeping gambling records for tax preparation as well as tracking gambling performance is essential to good money management of gambling bankrolls. Knowing how much you’ve won at gambling is a requirement of the U.S. Internal Revenue Service.

But, further, knowing how much you’ve lost is to your advantage. The multiple advantages include any potential gambling deductions for income taxes plus being a record-keeping tool for tracking and understanding your own gambling performance.

Since how many tax money do the casino give to to irs this deposit system allows lower deposits, pay by phone casinos in Canada are drawing a lot of attention among casual players. In this review, we give you all the information you need with reviews on the games like slots and live poker, the bonus offers you can claim for old and new players. Casino Winnings Are Not Tax-Free. Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments.

This article will show an increasing sophistication to recordkeeping, from the minimum information necessary for tax purposes to the most that can be relatively easily recorded.

These so-called data spreadsheets avoid being an excessive burden to the player while still providing value for income tax and gambling performance analysis purposes. Sample table layouts will be provided for insertion into most any spreadsheet software.

Keep in mind that software is not actually necessary to keep good gambling records. A single notebook or stack of papers is all that’s needed for income tax purposes.

If you happen to already know how to use data spreadsheet software, however, that’s all for the better in terms of performing most any financial analysis of gambling wins and losses.

In an attempt to help, I explain and provide spreadsheet examples having columns that identify what gambling information needs to be tracked, either at a minimum for tax purposes or in more detail for statistical analysis by interested players.

These spreadsheet examples can be used by all gamblers, but have been designed to be most helpful for slot machine casino gamblers.

One final point I’d like to make about keeping gambling records for tax preparation and more is this: I sincerely believe that your gambling performance at playing slots will financially improve when using some or all of my techniques.

But, this has a real-world consequence: Increased income taxes.

I feel I can’t just explain to you how to win at playing slots. I also need to explain how to handle winning at slots. Paying income taxes is the inherent responsibility for all citizens of a country.

Besides paying my own income taxes, I also feel I have a responsibility to point out potential financial pitfalls as well as any available potential savings. And, there are definitely a bit of both.

Before moving forward, I also need to acknowledge that I am not a professional tax preparation expert. If applying any of these suggestions, please be sure to consult your income tax professional.

Keep Reading … or Watch Instead!

Or … Listen Instead!

Find my podcast wherever you listen to audio!

Question: How’s Your Gambling Going?

When talking with low and high roller casino gamblers at the casino events I’ve been invited to attend, I’ve often taken the opportunity to ask how their gambling is going. Naturally, I ask this question from a financial point of view.

When I ask, I’m not blunt about doing so. Instead, I try to politely work it into an ongoing conversation. Almost always, I get one of two responses to, “So, how’s your gambling going?”:

They say, somewhat unconvincingly, “I’m breaking even!”; or
They give the definite impression of knowing exactly how well they are doing but, just as clearly, are never going to tell me.

Sufficiently good money management skills is the difference between these two groups: those who have some level of uncontrolled spending and those who have the necessary information to make intelligent choices in their approaches to gambling.

It is my belief that players providing the first response don’t know if they are actually breaking even or not. Why not? Well, in general, there are two possible reasons. First, they don’t care to know anything more than keeping track of any W-2G tax documents they or their tax professional will need later for annual income tax returns.

How to Earn Ludo Cash with Real Money Earning Games in India?Player needs to open an account with game. Showcase your skills among real time players and start playing. Play free online games to earn paytm money. Once you sign up to the game, user needs to buy coins to play strategy game Ludo. To make money, player requires to choose table to play game.

Second, they don’t know how to keep track of anything more. For example, perhaps they’ve never before won a taxable jackpot of $1,200 or more. This might even be due to never having gambled before. Or, suddenly they’ve learned how to win more than ever before.

Whichever the case may be, discovering far too late the essential nature of keeping gambling records for tax preparation will eventually prove to be quite frustrating. While not much can be done for last year’s casino visits, perhaps, let’s try to avoid it happening again for next year’s tax preparation, shall we?

Gambling Records for Income Tax Preparation Purposes

For tax purposes and to understand gambling performance, keeping track of spending in a consistent yet convenient manner should be done in ways that make sense to a slots player given how individual circumstances can be very different.

For minimum tax purposes, at least five entries are required. These include:

Date: The day on which the gambling session occurred;
Location: Unique name of the gaming property where the gambling occurred;
Bankroll: Amount spent gambling;
Take-Home: Amount remaining after gambling; and,
Comps and Comps $: Complimentary gift along with their fair market value.

Players who receive comps need to keep in mind the fair market value of every one of these complimentary gifts needs to be included as taxable income. This can be done either immediately or after if you need to research its value. I’ll have more on this in a following sub-section.

Once again, consult with a tax professional to be certain of the entries each individual player in a household needs to record for tax purposes. The following tables are only suggestions from someone who is definitely not such a tax professional.

Beyond the bare necessities for managing taxes, there is other additionally useful information a slots player might record to help themselves or their tax professional accurately complete their annual tax returns, such as recording any taxable jackpots won.

Doing so results in a sort of checklist for the total number of W-2G tax documents which might be received over the course of the calendar year. For high limit slots players, the so-called high rollers, this can be a substantial and extensive list.

Along with the bare necessities mentioned, we now add another 5 entries:

Gross Jackpot: Amount won prior to taxes paid;
Net Jackpot: Amount given to player after income taxes are automatically paid;
Federal Taxes: Amount of federal income taxes automatically paid, if any;
State Taxes: Amount of state income taxes automatically paid, if any;
Local/City Taxes: Amount of local income taxes automatically paid, if any.

There are several comments to be made about the practical use of the above list. First, not every visit to a casino will result in one taxable jackpot. Jackpots won may well be less or, more specifically, zero as well as potentially more than one taxable jackpot.

I’ve gotten as many as 7 taxable jackpots in a single day as well as more than one taxable jackpots during a single slots playing session upon multiple occasions. If no taxable jackpot is won, then simply leave that entry blank.

However, when winning more than one taxable jackpot, I use a merge command in my spreadsheet software so that I have separate entries for each taxable jackpot but only one entry per casino visit for Date, Location, Bankroll, Take-Home, and Comps.

Also, I will often combine state and city/local income taxes into a single entry because that’s what the casinos I happen to visit typically provi

Minimum Gambling Money Tax At Casino