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FAQ

How do you handle gambling losses?
Good Question Actually. Cant explain within quora. I have added a detailed article here. You can check it out if you have some time :)Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can also deduct your gambling losses…but only up to the extent of your winnings.Here are five important tips about gambling and taxes:Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes such as cars and trips.If you receive a certain amount of gambling winnings or if you have any winnings that are subject to federal tax withholding, the payer is required to issue you a Form W-2G, Certain Gambling Winnings. The payer must give you a W-2G if you receive:$1,200 or more in gambling winnings from bingo or slot machines;$1,500 or more in proceeds (the amount of winnings minus the amount of the wager) from keno;More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament;$600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager; orAny other gambling winnings subject to federal income tax withholding.Generally, you report all gambling winnings on the “Other income” line of Form 1040, U.S. Federal Income Tax Return.You can claim your gambling losses up to the amount of your winnings on Schedule A, Itemized Deductions, under ‘Other Miscellaneous Deductions.' You must report the full amount of your winnings as income and claim your allowable losses separately. You cannot reduce your gambling winnings by your gambling losses and report the difference. Your records should also show your winnings separately from your losses.Keep accurate records. If you are going to deduct gambling losses, you must have receipts, tickets, statements and documentation such as a diary or similar record of your losses and winnings. Refer to IRS Publication 529, Miscellaneous Deductions, for more details about the type of information you should write in your diary and what kinds of proof you should retain in your records.
What percentage of your win on a TV game show is taxed and at what rate?
In the United States, all of it is ordinary taxable income, although you may be able to offset any uncompensated expenses you incurred in connection with your appearance (ask your tax advisor for help on this).The rate will depend on how much other income you have, since the United States has a progressive tax scheme with multiple tax brackets. The IRS does not require game shows to withhold taxes on game show prizes unless the competition involved a wager. If the competition required that you wager your own money, the prize counts as “gaming winnings” (instead of a prize), is reported on Form W-2G, and is subject to mandatory withholding of 25% (in most cases).Note that because most game show prizes are reported on Form 1099-MISC and are not subject to withholding, you may need to file Form 1040-ES and make an estimated tax payment in order to avoid penalties for inadequate prepayment of tax. Consult a tax advisor for more details.You may also have to pay state income tax. If you traveled to another state for the show, you may have to pay income tax in both the state in which you competed and in your home state. Again, consult a tax advisor for more details specific to your situation.
Why did I get a W-2 form in the mail even though I didn't work last year?
If you received cash last year for work you performed, even if the work was performed in a different year, then you would receive a W-2.If you received a severance payment from a former employer, even if you did not perform work that year, then you would receive a W-2.If you received a state income tax refund last year, you might receive a W-2G from the state governmental agency.Without more information, it is difficult to say.
Are you legally obligated to report casino earnings?
Yes, but in table games no matter how much you win there is never a W-2G given to a player (and the other copy to the IRS) unless there is some sort of jackpot on the table game that pays 300x your bet.  On slots you will see the machine "lock up" and be required to provide your social sec. number when you win $1,200 or more.
What happens if a company issued 1099-MISC to its contractor but did not file a 1096 or submit the 1099-MISC copies to the IRS?
I like Lislue’s answer the best of the three so far. Once you file your taxes and include the 1099 income, the irs computers will go looking for a match (epecially if you use software and input the data from the 1099 into an equivalent 1099 form in the software. When the computers don’t find a match, then they go looking for the source documents, hence a letter/inquiry/audit gets started/sent out. Fines/penalties, etc get assessed.the source company msy self-trigger an audit when they deduct a high wages expense, but have not submitted any W-2 or 1099 forms. It might take a year, but the irs will catch up.
If you win a car on a game show, such as Let's Make a Deal, do you have to pay taxes before you get your prize?
Any prize you win on any game show, be it cash or car or a year’s supply of Rice-A-Roni, the San Francisco treat, is treated as taxable income. You receive the whole amount ( typically 30 days after the episode airs) and are solely responsible for paying any applicable taxes. Depending on how much you owe, you might even need to pay it before April 15 to avoid penalties.Winners can also decline to accept a prize, if the tax owed is more than they can pay. A new $30,000 car is therefore not free— it’s going to cost the winner about $9,000 give or take, depending on their tax bracket.
Sweepstakes / contest taxes. I won a contest where the winnings have to be given in my name. I have to split the winnings with another person, but also the tax liability. How do I properly do that?
In the US, you give a copy of IRS Form 5754 to the lottery agent when you collect the winnings. On that form you list the name, taxpayer ID number (i. e. SSN), address, and share of the winnings for yourself and for each person who shares in the winnings. The lottery agent will prepare an IRS Form W-2G for each person listed. Note that some states may require that you obtain a court order or some other formal legal agreement to share the prize and may also require you to complete individual claim forms for each participant.
Do senior citizens pay taxes on gambling winnings?
Canadian residents do not have to pay taxes on gambling winnings regardless of age while gambling within Canada unless they elect to file taxes as professional gamblers. Professional gamblers in Canada must keep accurate records of their winnings and their losses, they are allowed to write their losses off against their winnings.The reason gambling winnings are not taxed in Canada is based on the self evident fact that gamblers are gambling with after tax dollars, taxing their winnings would be tantamount to double taxation. Gambling winnings are not taxed either in many other jurisdictions such as Hong Kong, Macau and Singapore.