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normally I dont, but... (Read 1,156 times)
 
junior
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normally I dont, but...
Oct 7th, 2005 at 10:05pm
 
Normally i don't gamble much at all. the occasional $5 bet with a friend on a football game. I enjoy spending my money and having something to show for it.


But I had a really good week at work, and my partner wanted to go to the local native american ran casino.


I won about $600


He won $2,000
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Philip Peak
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Re: normally I dont, but...
Reply #1 - Oct 7th, 2005 at 11:21pm
 
I can see the future...I see...Tools,..Lots of tools.   Smiley
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The woodturner formerly known as PhilipE.  Willing to mentor members who live in the southeastern Indiana/Kentuckiana area (Louisville area)
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Ned A from South GA
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Re: normally I dont, but...
Reply #2 - Oct 8th, 2005 at 5:42am
 
Make sure you report that on your taxes Smiley and then spend the rest on tools Wink
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I'm not addicted to coffee, it just keeps the headaches away.
 
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Chris Wright
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Re: normally I dont, but...
Reply #3 - Oct 10th, 2005 at 5:42pm
 
The casinos don't track it unless it's over $10,000, so why should we?  Wink  Spend it all on tools I say!
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junior
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Re: normally I dont, but...
Reply #4 - Oct 10th, 2005 at 6:36pm
 
Actually, as part of the whole "let the Native Americans in Oklahoma have casinos and we will tax the daylights out of em" project, they report any winning over $400.00


My buddy actually got tax paperwork, like he was working!!!
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Curt Fuller
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Re: normally I dont, but...
Reply #5 - Oct 10th, 2005 at 7:17pm
 
$1199.00 and your safe (in Nevada). $1200.00 and you fill out the paperwork before they give out the winnings. Usually most have the tax withheld at the casino. Not that I've ever won enough for the experience.
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« Last Edit: Oct 10th, 2005 at 7:18pm by Curt Fuller »  

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JimQuarles
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Re: normally I dont, but...
Reply #6 - Oct 10th, 2005 at 8:38pm
 
According to IRS regulations, all gambling profits must be included on your tax return whether or not you received a W-2G from the casino.  Angry  If you are using a casino membership card, the IRS will ususlly find out even without a W-2G.  The casinos are VERY cooperative with the IRS, because anything they can document as having been paid out as winnings, is negative income for them.

BTW  I am a tax preparer and teach tax classes.

JimQ
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Ned A from South GA
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Re: normally I dont, but...
Reply #7 - Oct 11th, 2005 at 5:03am
 
Isn't everyone glad I sent another thread down a tangent. Cheesy
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I'm not addicted to coffee, it just keeps the headaches away.
 
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JimQuarles
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Re: normally I dont, but...
Reply #8 - Oct 11th, 2005 at 7:05am
 
Spinning into oblivion

JimQ
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Mentor Basics, Pens, small stuff, Acrylics, EasyRougher.
Just Turnin' Around!  Glendale, AZ  Cool Cool

"Right now I'm having amnesia and deja vu at the same time.
I think I've forgotten this before." - Steven Wright
 
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junior
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Re: normally I dont, but...
Reply #9 - Oct 11th, 2005 at 7:45pm
 
LOL, that was a good one Jim!!!
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