winning tax form

terry tesch wrote:

>I don't know what the name of the form you have to fill out after a
>1200.00 win is, but I have a question. My husband(Gary) and I(Terry)
>play a 5.00 machine once in a while, We play it together and if we would
>ever hit anything more than 1200.00, who's name should we put it in.
>Gary works full time and I am a housewife with no income. We file joint
>taxes, so does it matter who's name the win goes under? I know your not
>the IRS, but just wondering if anybody else has questions like this on
>wins.

W-2G. (Not to be confused with a 1099-G, which is what you get if you
had a state income tax refund last year and you itemized.)
Income goes on line 21 of form 1040. As somebody stated earlier, it
shouldn't matter whose name it is in if you file jointly.

If you itemize, and you have evidence of your losses, you can deduct
any losses you had on Schedule A, line 28. You loss deduction is
limited to the amount you listed as winnings on 1040 line 21 (unless
gambling is your profession, but that's another matter entirely), but
you can still deduct the losses even if it wasn't from the one of you
that had the winnings - then again, maybe I'm missing some secret the
regulars here know, but it's hard to prove that you lost money on a
slot machine. (Not hard to lose it - just hard to prove it.)

-- Don
 >> Stay informed about: winning tax form 

"gary tesch" <miller6pack DeleteThis @webtv.net> wrote in message
news:17887-47B72F81-733@storefull-3134.bay.webtv.net...
>I don't know what the name of the form you have to fill out after a
> 1200.00 win is, but I have a question. My husband(Gary) and I(Terry)
> play a 5.00 machine once in a while, We play it together and if we would
> ever hit anything more than 1200.00, who's name should we put it in.
> Gary works full time and I am a housewife with no income. We file joint
> taxes, so does it matter who's name the win goes under? I know your not
> the IRS, but just wondering if anybody else has questions like this on
> wins.
>

I only wish I had more of these 'winning' problems!


--
Rowlf the Dog
"You think you've had it bad? For the first three months of my life there
was a newspaper strike!"
remove "0spam0" to email directly
 >> Stay informed about: winning tax form 

Actually, Don, the casinos themselves keep immaculate records of how much
you have won and lost on slot machines. The only problem is that the IRS
has not officially accepted those records as validation for your losses.

Tom
On Feb 16 2008 5:37 PM, Don Del Grande wrote:

> terry tesch wrote:
>
> >I don't know what the name of the form you have to fill out after a
> >1200.00 win is, but I have a question. My husband(Gary) and I(Terry)
> >play a 5.00 machine once in a while, We play it together and if we would
> >ever hit anything more than 1200.00, who's name should we put it in.
> >Gary works full time and I am a housewife with no income. We file joint
> >taxes, so does it matter who's name the win goes under? I know your not
> >the IRS, but just wondering if anybody else has questions like this on
> >wins.
>
> W-2G. (Not to be confused with a 1099-G, which is what you get if you
> had a state income tax refund last year and you itemized.)
> Income goes on line 21 of form 1040. As somebody stated earlier, it
> shouldn't matter whose name it is in if you file jointly.
>
> If you itemize, and you have evidence of your losses, you can deduct
> any losses you had on Schedule A, line 28. You loss deduction is
> limited to the amount you listed as winnings on 1040 line 21 (unless
> gambling is your profession, but that's another matter entirely), but
> you can still deduct the losses even if it wasn't from the one of you
> that had the winnings - then again, maybe I'm missing some secret the
> regulars here know, but it's hard to prove that you lost money on a
> slot machine. (Not hard to lose it - just hard to prove it.)
>
> -- Don

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 >> Stay informed about: winning tax form 

DocTCW wrote:

> Don Del Grande wrote:
>
>> If you itemize, and you have evidence of your losses, you can deduct
>> any losses you had on Schedule A, line 28. You loss deduction is
>> limited to the amount you listed as winnings on 1040 line 21 (unless
>> gambling is your profession, but that's another matter entirely), but
>> you can still deduct the losses even if it wasn't from the one of you
>> that had the winnings - then again, maybe I'm missing some secret the
>> regulars here know, but it's hard to prove that you lost money on a
>> slot machine. (Not hard to lose it - just hard to prove it.)
>
>Actually, Don, the casinos themselves keep immaculate records of how much
>you have won and lost on slot machines. The only problem is that the IRS
>has not officially accepted those records as validation for your losses.

(a) If you don't use a club card, how do they know?
(b) Even if you do use a club card, how do they know you are the
person that did all of the playing on the card?

-- Don
 >> Stay informed about: winning tax form 

"gary tesch" <miller6pack.DeleteThis@webtv.net> wrote in message
news:17887-47B72F81-733@storefull-3134.bay.webtv.net...
> I don't know what the name of the form you have to fill out after a
> 1200.00 win is, but I have a question. My husband(Gary) and I(Terry)
> play a 5.00 machine once in a while, We play it together and if we would
> ever hit anything more than 1200.00, who's name should we put it in.
> Gary works full time and I am a housewife with no income. We file joint
> taxes, so does it matter who's name the win goes under? I know your not
> the IRS, but just wondering if anybody else has questions like this on
> wins.

On a joint return, the winnings (minus losses) is written on one of the
lines on the 1st page of the 1040 form. One of the lines right below bank
interest. The line is noted as additional income and winnings.

John/Mass
 >> Stay informed about: winning tax form 

Of course you have to use a player's card, but you are correct, if someone
is foolishly using YOUR card to play, the their figures will be screwed up.

Tom
On Feb 16 2008 9:19 PM, Don Del Grande wrote:

> DocTCW wrote:
>
> > Don Del Grande wrote:
> >
> >> If you itemize, and you have evidence of your losses, you can deduct
> >> any losses you had on Schedule A, line 28. You loss deduction is
> >> limited to the amount you listed as winnings on 1040 line 21 (unless
> >> gambling is your profession, but that's another matter entirely), but
> >> you can still deduct the losses even if it wasn't from the one of you
> >> that had the winnings - then again, maybe I'm missing some secret the
> >> regulars here know, but it's hard to prove that you lost money on a
> >> slot machine. (Not hard to lose it - just hard to prove it.)
> >
> >Actually, Don, the casinos themselves keep immaculate records of how much
> >you have won and lost on slot machines. The only problem is that the IRS
> >has not officially accepted those records as validation for your losses.
>
> (a) If you don't use a club card, how do they know?
> (b) Even if you do use a club card, how do they know you are the
> person that did all of the playing on the card?
>
> -- Don

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 >> Stay informed about: winning tax form 

> On a joint return, the winnings (minus losses) is written on one of the
> lines on the 1st page of the 1040 form. One of the lines right below bank
> interest. The line is noted as additional income and winnings.
>
> John/Mass

Not that I fear folks would take tax advice from Payton, but this is
very wrong, and will get you in big trouble. You don't net winnings
and losses. Most folks would enter winnings on your main 1040, and
take a deduction for allowable losses on Schedule A. Putting just net
winnings as income when you've got a 1099 is sure to bring the IRS
calling.

If you file jointly, no need to worry about whose name the 1099 is
issued for.
 >> Stay informed about: winning tax form 

> Not that I fear folks would take tax advice from Payton, but this is
> very wrong, and will get you in big trouble. You don't net winnings
> and losses. Most folks would enter winnings on your main 1040, and
> take a deduction for allowable losses on Schedule A. Putting just net
> winnings as income when you've got a 1099 is sure to bring the IRS
> calling.
>
> If you file jointly, no need to worry about whose name the 1099 is
> issued for.

Of course, I meant W-2G, not 1099. Reading these posts scrambles my
brain sometimes.
 >> Stay informed about: winning tax form 

"gary tesch" <miller6pack DeleteThis @webtv.net> wrote in message
news:17887-47B72F81-733@storefull-3134.bay.webtv.net...
>I don't know what the name of the form you have to fill out after a
> 1200.00 win is, but I have a question. My husband(Gary) and I(Terry)
> play a 5.00 machine once in a while, We play it together and if we would
> ever hit anything more than 1200.00, who's name should we put it in.
> Gary works full time and I am a housewife with no income. We file joint
> taxes, so does it matter who's name the win goes under? I know your not
> the IRS, but just wondering if anybody else has questions like this on
> wins.
>

What about giving them a fake SS number?
 >> Stay informed about: winning tax form 

Only if you have a believeable fake SS Card! If you have a line of credit
at the casino you won't have to show you SS card, but otherwise you had
better carry one. They aren't just going to take your word for it.

Tom
On Feb 17 2008 7:24 PM, JK wrote:

> "gary tesch" <miller6pack RemoveThis @webtv.net> wrote in message
> news:17887-47B72F81-733@storefull-3134.bay.webtv.net...
> >I don't know what the name of the form you have to fill out after a
> > 1200.00 win is, but I have a question. My husband(Gary) and I(Terry)
> > play a 5.00 machine once in a while, We play it together and if we would
> > ever hit anything more than 1200.00, who's name should we put it in.
> > Gary works full time and I am a housewife with no income. We file joint
> > taxes, so does it matter who's name the win goes under? I know your not
> > the IRS, but just wondering if anybody else has questions like this on
> > wins.
> >
>
> What about giving them a fake SS number?

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On Tue, 19 Feb 2008 22:53:07 GMT, John <z2345678998765432y DeleteThis @sbcglobal.net>
wrote:

>How many people caryy their SS card with them?
>
>You would be ill advised to carry it in case your wallet is lost or
>stolen.

Not quite the same, but when I gave Caesars my ITIN they acted like they
weren't familiar with the concept - but when I handed over the actual card
(which I assume is similar to SS as they've stopped issuing them because
they were being used as such), they were all smiles.

DaveM
 >> Stay informed about: winning tax form