Gambling Lost It All
A million dollars isn't what it used to be, and for these people, it's a reminder of what could have been. Take these stories as a precaution, don't let them go to your head, and remember, the safe bet, is usually the right one.
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Gambling doesn’t care it will eat you. We all use to win $100K in a month or two. We thought it would last forever but we couldn’t even last more than 2 years. We made a lot and lost it all and gave up everything. Our family, friends, money, cars, etc. The Greek lost nearly his entire $40 million bankroll within a couple of months. The losing streak started with a 3-week period in which Archie lost $30 million at the Binions Horseshoe casino. First, he lost $11 million at the dice table. This gambling ended up coming to a brief stop when I had lost my signing bonus and all the money in my bank account and I took a break for around a month or so. The addiction started back up when I received my next paycheck from my college job. Lost it all, time for recovery. Hello everybody. My name is Jonas, and I'm a gambling addict. My gambling habit started around 2011, when I was going through hard times in my personal life. At the time I did not realize it, but the gambling habit was probably some kind of (destructive) self therapy, which made me feel slightly better If I happened.
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If you had a successful night at the slots or poker tables, you're going to have to share some of the lucky proceeds with Uncle Sam. The Internal Revenue Service generally requires that you report your gambling winnings and losses separately when you file your taxes rather than combining the two amounts.
Record Keeping
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As you gamble during the year, you need to keep records of your winnings and losses so that you can support whatever figures you report on your taxes. The IRS permits you to use per-session recording, which means that instead of recording whether you won or lost each time you pull the slot machine, you can simply record your total for the session. Your records should include the date and type of gambling, where you gambled and if you gambled with anyone else, such as a home poker game. If you win more than $600, you should receive a Form W-2G from the casino.
Taxable Winnings
When figuring your gambling winnings, only include the winnings from each session rather than using losses to offset your gains. You have to include gambling winnings even if you didn't receive a Form W-2G from the casino. For example, if you gambled six times during the year, winning $100, $3,000, $4,000 and $6,000 but losing $5,000 and $2,000, your gambling winnings for the year are $13,100. This amount gets reported on line 21 of your Form 1040 tax return.
Gambling Losses
To claim your gambling losses, you have to itemize your deductions. Gambling losses are a miscellaneous deduction, but -- unlike some other miscellaneous deductions -- you can deduct the entire loss. The deduction goes on line 28 of Schedule A and you have to note that the deduction is for gambling losses. For example, if you lost $5,000 on one occasion and $7,000 on another, your total deduction is $12,000.
Gambling Loss Limitation
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You can't deduct more in gambling losses than you have in gambling winnings for the year. For example, suppose you reported $13,000 in gambling winnings on Line 21 of Form 1040. Even if you lost $100,000 that year, your gambling loss deduction is limited to $13,000. Worse, you aren't allowed to carry forward the excess, so if you had $87,000 in losses you couldn't deduct last year, you can't use that to offset the gambling income from the current year.
- tax forms image by Chad McDermott from Fotolia.com