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Posted: 5/14/2004 1:10:18 PM EST
I did my own taxes for 2002, and while doing so I missed the 1099 my wife got from a local casino when she won $2500 on a slot machine. Filed my taxes, got a return.

This year we had some extra stuff, so I had my taxes done professionally. Did pretty good with the Bush tax cut.

Yesterday I had convinced myself that we were far enough ahead for me to order a S&W M25 Mountain Gun in .45LC - $640. Very nice piece. I was going to go home and convince the wife that our budget could handle it.

Got a letter in the mail from the IRS about that 2002 $2500 windfall. I owe Uncle Sam $711.

So much for my new S&W.

My own damned fault though.
Link Posted: 5/14/2004 1:13:14 PM EST
Yea, they catch everything. Even though I consider my guns my babies, they wouldn't let me write them in as dependants.
Link Posted: 5/14/2004 1:13:46 PM EST
sucks
Link Posted: 5/14/2004 1:14:00 PM EST
How can you complain about your taxes when so many have so little? Hell thats only 28% of your winnings. You can afford it.
Link Posted: 5/14/2004 1:19:23 PM EST

Originally Posted By KBaker:
I did my own taxes for 2002, and while doing so I missed the 1099 my wife got from a local casino when she won $2500 on a slot machine. Filed my taxes, got a return.

This year we had some extra stuff, so I had my taxes done professionally. Did pretty good with the Bush tax cut.

Yesterday I had convinced myself that we were far enough ahead for me to order a S&W M25 Mountain Gun in .45LC - $640. Very nice piece. I was going to go home and convince the wife that our budget could handle it.

Got a letter in the mail from the IRS about that 2002 $2500 windfall. I owe Uncle Sam $711.

So much for my new S&W.

My own damned fault though.



The blood suckers
Link Posted: 5/14/2004 1:24:00 PM EST

Originally Posted By JIMBEAM:
How can you complain about your taxes when so many have so little? Hell thats only 28% of your winnings. You can afford it. hr



bwahahhahahahah
nice one
Link Posted: 5/14/2004 1:28:13 PM EST
The IRS knows EVERYTHING.

I had to deal directly with them a couple of years ago in regard to a bungled IRA transfer.
They were VERY helpful and polite, things actually got worked out to MY favor. (Though I still had to pay a fine, but $1500 instead of $40K)

What stunned me was the amount of information they had access to.

Fucking mind blowing.
Link Posted: 5/14/2004 1:29:43 PM EST
there are some things that they DO miss.


Link Posted: 5/14/2004 1:30:22 PM EST

Originally Posted By KBaker:

Got a letter in the mail from the IRS about that 2002 $2500 windfall. I owe Uncle Sam $711.




BZZZZTTTTT!!!!!

Wrong answer.

I'm assuming your wife didn't drop just one single coin into the slot machine and win $2500.

Hopefully, she signed up for one of those slot machine cards that tracks her winnings and losings - you can call the casino and get a printout of all of the losings, then deduct losses to the extent of winnings.

Most people cycle an awful lot of coins through those machines before hitting any jackpot, and in most case, actually lose more than they win. It's not whether you brought $1000 to the casino, it's how many times you circulated those coins through the machines to tally your actual losses.

If your wife (and you) cycled more than $2500 through the machines, you can take losses on your schedule A to the extent of gambling winnings, and no additional tax would be due. To do this, you'd need to file an amended 1040 (1040X) for 2002. This is also assuming you itemized your deductions in 2002. If not, nevermind - you'll owe the tax.

If all of this doesn't make any sense to you, go to a CPA - it'll be cheaper than paying $711 to the gov.

(Yes, I play a CPA in real life too).
Link Posted: 5/14/2004 1:45:19 PM EST
Prefect: My GF hits the casinos here 2-3 times a month.
She used to use the "Club Cards" that they all issue, mainly because we'd get those "comp" coupons for Laughlin, Vegas, Atlantic City, etc.
She also got to know a few people that work at one of the casinos and they told her to stop using the cards and she'd win more.


I'll take the fifth on whether they were right, but the Indian casinos have bought a couple of my more expensive handguns and they're about to buy me an ATV.
Link Posted: 5/14/2004 1:49:35 PM EST

Originally Posted By Prefect:
BZZZZTTTTT!!!!!

Wrong answer.

I'm assuming your wife didn't drop just one single coin into the slot machine and win $2500.

Hopefully, she signed up for one of those slot machine cards that tracks her winnings and losings - you can call the casino and get a printout of all of the losings, then deduct losses to the extent of winnings.

Nope. She gets rolled coin and drops 'em in the machines one at a time.

She probably loses $2-300 a year. (Yes, really.)
Link Posted: 5/14/2004 2:04:51 PM EST

Originally Posted By KBaker:
She gets rolled coin and drops 'em in the machines one at a time.

She probably loses $2-300 a year. (Yes, really.)



I'll bet it's more than you think, but anyway, at least claim what you think you actually lost as a deduction against the winnings on the W-2G. Also, gambling losses don't just have to be casino losses, but also lottery tickets, etc. Any gambling losses incurred during 2002 can be deducted against that income.
Link Posted: 5/14/2004 3:32:32 PM EST
Go to the track and stand by the $100 window and collect the losing tickets from....who else,...the losers.

Winning the lottery and paying tax is one thing, paying on a $2500 jackpot win is pretty easy to avoid.
Link Posted: 5/14/2004 3:34:22 PM EST
Ever hear of the coffee can retirement fund?
Link Posted: 5/14/2004 3:36:41 PM EST

Originally Posted By BenDover:
Ever hear of the coffee can retirement fund?



no. tell us about it.


Link Posted: 5/14/2004 3:39:12 PM EST
Never accept payment for anything in any form other than cash in every instance where you can help it.

Buy post hole digger and a GPS.

Link Posted: 5/14/2004 3:40:19 PM EST
As a disabled member of this board I want to thank you for you contribution.

Sgtar15
Link Posted: 5/14/2004 3:40:42 PM EST

Originally Posted By Mmanwitgun:
Yea, they catch everything. Even though I consider my guns my babies, they wouldn't let me write them in as dependants.



The trick is to get each of your guns a SS#. That's what I did with three stray cat's and a dog in the neighborhood.
Link Posted: 5/14/2004 3:56:14 PM EST
Go back and have your accountant prepare a 1040x. You might be able to do better than their numbers.
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