1099 G Gambling
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Reporting Gambling Profits and Loss on Your Taxes Gambling Losses Can Be Deducted on Schedule A. If you itemize your deductions, you can deduct your gambling losses for the year on Schedule A. However, you can only deduct your loss up to the amount you report as gambling winnings. Gambling income plus your job income (and any other income) equals your total income. Fortunately, you do not necessarily have to pay taxes on all your winnings. Instead, if you itemize your deductions, you can claim your losses up to the amount of your winnings.Note, under the new tax reform law, the gambling loss limitation was modified. File this form to report gambling winnings and any federal income tax withheld on those winnings. The requirements for reporting and withholding depend on: the type of gambling, the amount of the gambling winnings,. The IRS says that Cash and Trips count. But I didnt get a 1099-G for my wife winning 4 plane tickets to the carribean (they valued at 4001). They sent a 1099-MISC. So Im not sure how that will work thats a trip we won. I would think I would be able to deduct anything I lost but not sure if the lack of -G will be problematic.
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*1099-g Gambling Winnings
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*1099 G Gambling
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*Topic Sort OptionsPage 1MessageCatman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsCan gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 7:26 amThe IRS says that Cash and Trips count. But I didnt get a 1099-G for my wife winning 4 plane tickets to the carribean (they valued at 4001). They sent a 1099-MISC. So Im not sure how that will work thats a trip we won. I would think I would be able to deduct anything I lost but not sure if the lack of -G will be problematic. Since it was won through a radio station and not a casino does that not count?yellowfinChicago Cubs FanCoastal BarMember since May 200695109 postsre: Can gambling losses be deducted from 1099-MISC?Posted by yellowfin on 1/29/13 at 7:36 am to Catman88Did you pay for a chance to win the trip or just got lucky by being ’caller #8’? The second isn’t gambling Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 7:48 am to yellowfinMy wife entered via email so yea not gambling. Also looking into the BS amount of 4001 for 4 tickets. The cost if I were to book today would be 2327.60 for the 4 tickets we used. So looking at putting an adjustment of FMV of -1672.40 with 2 used for a trip to St Thomas/St John and 2 for a trip to Nassau. Im not sure where in the Carribean you would pay 1000.25 per person to fly to. I did print out the booking data from delta.BACONisMEATcandyLSU FanMember since Dec 200746547 postsre: Can gambling losses be deducted from 1099-MISC?Posted by BACONisMEATcandy on 1/29/13 at 8:44 am to Catman88quote:Im not sure where in the Carribean you would pay 1000.25 per person to fly to. I did print out the booking data from delta.Depends on the fare class of the ticket... There are more than you think LINKCatman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 10:30 am to BACONisMEATcandyThese were economy tickets only. Didnt have the option to book another category. What is crazy is that they valued them at 4k but they dont bother take into account that we literally had 2 days only to book. They were giving away tickets that were purchased on points that were expiring on a friday and they awarded them on a Wed. iAmBatmanUSA FanThe BatcaveMember since Mar 201110670 postsre: Can gambling losses be deducted from 1099-MISC?Posted by iAmBatman on 1/29/13 at 10:49 am to Catman88Gambling losses can be deducted only up to your winnings. Example: You win $5,000 in 2012 and lose $7,500. You can only deduct $5,000 of the losses. You win $5,0000 in 2012 and lose $4,000. You can deduct the whole $4,000 since it is less than your winnings. You would be responsible for taxes on the remaining $1,000 of you winnings.Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 11:09 am to iAmBatmanWell I understand that. The question was if a prize of this matter counted as ’winnings’ or if it had to be specific to gambling and putting money at risk. If I had 25k in gambling losses and won a 25k MSRP car in a drawing vs 25k in gambling losses and won a 25k MSRP car at the casino slot. Seems to be that they are not treated equally. In one case I would get to duduct but in the other case I would be stuck with the 25k income. At which I could claim FMV of the car as being around 19k instead of 25k. CAtlanta Falcons FanHoustonMember since Dec 200726669 postsre: Can gambling losses be deducted from 1099-MISC?Posted by C on 1/29/13 at 11:21 am to Catman88quote:What is crazy is that they valued them at 4k but they dont bother take into account that we literally had 2 days only to bookInteresting way to reduce losses by an airlines...Replies (0)iAmBatmanUSA FanThe BatcaveMember since Mar 201110670 postsre: Can gambling losses be deducted from 1099-MISC?Posted by iAmBatman on 1/29/13 at 11:26 am to Catman88quote:If I had 25k in gambling losses and won a 25k MSRP car in a drawing vs 25k in gambling losses and won a 25k MSRP car at the casino slot. I see what you’re saying and I’m not exactly sure what the IRS uses as the definition of ’gambling.’ To me, it would seem that if you paid for a chance to win something, then that would be gambling. There is also the issue of people doing those sort of raffles as a charity (like St. Jude Dream Home) and then writing off the cost of the ticket as a donation. I really don’t know all the ends and outs but I’m sure Poodlebrain could fill in the gaps.Replies (0)re: Can gambling losses be deducted from 1099-MISC?Posted by sneakytiger on 1/29/13 at 11:29 am to Catman88LINKPrizes and awards. If you win a prize in a lucky number drawing, television or radio quiz program, beauty contest, or other event, you must include it in your income. For example, if you win a $50 prize in a photography contest, you must report this income on Form 1040, line 21. If you refuse to accept a prize, do not include its value in your income. Prizes and awards in goods or services must be included in your income at their fair market value. I think the bolded part gives you your answer - the instructions are telling you to report it on a different line than where you would report gambling losses. So I don’t think you can offset.re: Can gambling losses be deducted from 1099-MISC?Posted by LSUchuck on 1/29/13 at 12:03 pm to sneakytigerIt is reported as other income not subject to SE taxes. Nothing can be used to offset it.Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 12:23 pm to LSUchuckWell IRS does say that prizes are subject to FMV. I also had to pay the international taxes to fly to Nassau. That is normally included in the ticket price. So Im guessing I could reduce the winnings by the 95 dollars per ticket I incured there as well since I have that documented. Likely I will just keep my printout of the real cost and use that to determine FMV. Replies (0)Newbomb TurkNavy FanperfectanschlagenMember since May 20089961 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Newbomb Turk on 1/30/13 at 8:42 am to Catman88You do not have to claim the full MSRP on your winnings. If you can document that you could have (or did) gotten the prize for a lot less, you need only claim that amount. So, if you won a car with an MSRP of $25K, but you can get a statement from a dealer that they sold that same car with the same options for $21K, that’s all you need to claim. You really should get contemporaneous documentation, however, as claiming something less than what is shown on the 1099 just might invite an audit. However, if you don’t want to risk an audit (because you may have other ’iffy’ items on your return), there is a method by which you can call the IRS and file a Form 4598 to get the prize company to issue a corrected 1099. As far as deducting losses, you’re out of luck. The IRS takes the position that sweepstakes type winning (where you don’t really have to do anything but enter -- i.e., you’re not putting up any of your money to get a chance to ’win’) are not considered ’gambling winnings’ and therefore cannot be offset by gambling losses.Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/30/13 at 10:26 am to Newbomb TurkYea I dont have anything fishy on my return. Pretty standard return. Have all documentation. Would rather not pay 400 extra in taxes because they pulled a number out of thin air. 4 tickets 1k each. How fricking lazy was that.1099-g WisconsinNewbomb TurkNavy FanperfectanschlagenMember since May 20089961 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Newbomb Turk on 1/30/13 at 2:10 pm to Catman881099-g Gambling WinningsCall the IRS, present your documentation and they may have the prize company issue a new 1099. Again, your shit-out-of-luck with the gambling losses.1099-g Illinois1099 G GamblingReplies (0)1099-g Missouri Page 11099-g FormBack to topFollow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.Facebook•Twitter•Instagram
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Reporting Gambling Profits and Loss on Your Taxes Gambling Losses Can Be Deducted on Schedule A. If you itemize your deductions, you can deduct your gambling losses for the year on Schedule A. However, you can only deduct your loss up to the amount you report as gambling winnings. Gambling income plus your job income (and any other income) equals your total income. Fortunately, you do not necessarily have to pay taxes on all your winnings. Instead, if you itemize your deductions, you can claim your losses up to the amount of your winnings.Note, under the new tax reform law, the gambling loss limitation was modified. File this form to report gambling winnings and any federal income tax withheld on those winnings. The requirements for reporting and withholding depend on: the type of gambling, the amount of the gambling winnings,. The IRS says that Cash and Trips count. But I didnt get a 1099-G for my wife winning 4 plane tickets to the carribean (they valued at 4001). They sent a 1099-MISC. So Im not sure how that will work thats a trip we won. I would think I would be able to deduct anything I lost but not sure if the lack of -G will be problematic.
*1099-g Wisconsin
*1099-g Gambling Winnings
*1099-g Illinois
*1099 G Gambling
*1099-g Missouri
*1099-g FormPrivacy • Advertising • Contact • TermsCopyright @2020 TigerDroppings.com. All rights reserved.
*...
*|Quick Links:•LSU Recruiting•Politics•More Sports•SEC Rant•Home/Garden•Movie/TV•Money•Music•TD Help
*My Forums
*Customize My Forums
*Topic Sort OptionsPage 1MessageCatman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsCan gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 7:26 amThe IRS says that Cash and Trips count. But I didnt get a 1099-G for my wife winning 4 plane tickets to the carribean (they valued at 4001). They sent a 1099-MISC. So Im not sure how that will work thats a trip we won. I would think I would be able to deduct anything I lost but not sure if the lack of -G will be problematic. Since it was won through a radio station and not a casino does that not count?yellowfinChicago Cubs FanCoastal BarMember since May 200695109 postsre: Can gambling losses be deducted from 1099-MISC?Posted by yellowfin on 1/29/13 at 7:36 am to Catman88Did you pay for a chance to win the trip or just got lucky by being ’caller #8’? The second isn’t gambling Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 7:48 am to yellowfinMy wife entered via email so yea not gambling. Also looking into the BS amount of 4001 for 4 tickets. The cost if I were to book today would be 2327.60 for the 4 tickets we used. So looking at putting an adjustment of FMV of -1672.40 with 2 used for a trip to St Thomas/St John and 2 for a trip to Nassau. Im not sure where in the Carribean you would pay 1000.25 per person to fly to. I did print out the booking data from delta.BACONisMEATcandyLSU FanMember since Dec 200746547 postsre: Can gambling losses be deducted from 1099-MISC?Posted by BACONisMEATcandy on 1/29/13 at 8:44 am to Catman88quote:Im not sure where in the Carribean you would pay 1000.25 per person to fly to. I did print out the booking data from delta.Depends on the fare class of the ticket... There are more than you think LINKCatman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 10:30 am to BACONisMEATcandyThese were economy tickets only. Didnt have the option to book another category. What is crazy is that they valued them at 4k but they dont bother take into account that we literally had 2 days only to book. They were giving away tickets that were purchased on points that were expiring on a friday and they awarded them on a Wed. iAmBatmanUSA FanThe BatcaveMember since Mar 201110670 postsre: Can gambling losses be deducted from 1099-MISC?Posted by iAmBatman on 1/29/13 at 10:49 am to Catman88Gambling losses can be deducted only up to your winnings. Example: You win $5,000 in 2012 and lose $7,500. You can only deduct $5,000 of the losses. You win $5,0000 in 2012 and lose $4,000. You can deduct the whole $4,000 since it is less than your winnings. You would be responsible for taxes on the remaining $1,000 of you winnings.Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 11:09 am to iAmBatmanWell I understand that. The question was if a prize of this matter counted as ’winnings’ or if it had to be specific to gambling and putting money at risk. If I had 25k in gambling losses and won a 25k MSRP car in a drawing vs 25k in gambling losses and won a 25k MSRP car at the casino slot. Seems to be that they are not treated equally. In one case I would get to duduct but in the other case I would be stuck with the 25k income. At which I could claim FMV of the car as being around 19k instead of 25k. CAtlanta Falcons FanHoustonMember since Dec 200726669 postsre: Can gambling losses be deducted from 1099-MISC?Posted by C on 1/29/13 at 11:21 am to Catman88quote:What is crazy is that they valued them at 4k but they dont bother take into account that we literally had 2 days only to bookInteresting way to reduce losses by an airlines...Replies (0)iAmBatmanUSA FanThe BatcaveMember since Mar 201110670 postsre: Can gambling losses be deducted from 1099-MISC?Posted by iAmBatman on 1/29/13 at 11:26 am to Catman88quote:If I had 25k in gambling losses and won a 25k MSRP car in a drawing vs 25k in gambling losses and won a 25k MSRP car at the casino slot. I see what you’re saying and I’m not exactly sure what the IRS uses as the definition of ’gambling.’ To me, it would seem that if you paid for a chance to win something, then that would be gambling. There is also the issue of people doing those sort of raffles as a charity (like St. Jude Dream Home) and then writing off the cost of the ticket as a donation. I really don’t know all the ends and outs but I’m sure Poodlebrain could fill in the gaps.Replies (0)re: Can gambling losses be deducted from 1099-MISC?Posted by sneakytiger on 1/29/13 at 11:29 am to Catman88LINKPrizes and awards. If you win a prize in a lucky number drawing, television or radio quiz program, beauty contest, or other event, you must include it in your income. For example, if you win a $50 prize in a photography contest, you must report this income on Form 1040, line 21. If you refuse to accept a prize, do not include its value in your income. Prizes and awards in goods or services must be included in your income at their fair market value. I think the bolded part gives you your answer - the instructions are telling you to report it on a different line than where you would report gambling losses. So I don’t think you can offset.re: Can gambling losses be deducted from 1099-MISC?Posted by LSUchuck on 1/29/13 at 12:03 pm to sneakytigerIt is reported as other income not subject to SE taxes. Nothing can be used to offset it.Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/29/13 at 12:23 pm to LSUchuckWell IRS does say that prizes are subject to FMV. I also had to pay the international taxes to fly to Nassau. That is normally included in the ticket price. So Im guessing I could reduce the winnings by the 95 dollars per ticket I incured there as well since I have that documented. Likely I will just keep my printout of the real cost and use that to determine FMV. Replies (0)Newbomb TurkNavy FanperfectanschlagenMember since May 20089961 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Newbomb Turk on 1/30/13 at 8:42 am to Catman88You do not have to claim the full MSRP on your winnings. If you can document that you could have (or did) gotten the prize for a lot less, you need only claim that amount. So, if you won a car with an MSRP of $25K, but you can get a statement from a dealer that they sold that same car with the same options for $21K, that’s all you need to claim. You really should get contemporaneous documentation, however, as claiming something less than what is shown on the 1099 just might invite an audit. However, if you don’t want to risk an audit (because you may have other ’iffy’ items on your return), there is a method by which you can call the IRS and file a Form 4598 to get the prize company to issue a corrected 1099. As far as deducting losses, you’re out of luck. The IRS takes the position that sweepstakes type winning (where you don’t really have to do anything but enter -- i.e., you’re not putting up any of your money to get a chance to ’win’) are not considered ’gambling winnings’ and therefore cannot be offset by gambling losses.Catman88LSU FanBaton Rouge, LAMember since Dec 200449125 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Catman88 on 1/30/13 at 10:26 am to Newbomb TurkYea I dont have anything fishy on my return. Pretty standard return. Have all documentation. Would rather not pay 400 extra in taxes because they pulled a number out of thin air. 4 tickets 1k each. How fricking lazy was that.1099-g WisconsinNewbomb TurkNavy FanperfectanschlagenMember since May 20089961 postsre: Can gambling losses be deducted from 1099-MISC?Posted by Newbomb Turk on 1/30/13 at 2:10 pm to Catman881099-g Gambling WinningsCall the IRS, present your documentation and they may have the prize company issue a new 1099. Again, your shit-out-of-luck with the gambling losses.1099-g Illinois1099 G GamblingReplies (0)1099-g Missouri Page 11099-g FormBack to topFollow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.Facebook•Twitter•Instagram
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