View Single Post
  #3 (permalink)  
Old October 3rd, 2003, 03:09 AM
Pat Dor
Posts: n/a
Default Re: Taxes on winnings

Whoops...scratch that Colorado. It was Cherokee, North Carolina. It is almost 3 am here so I should get to bed earlier if I want to be more accurate.
Mel, I hope you know that you take away your losses from your winnings and then claim whats left on your income taxes. And those losses could be from any type of gambling such as casinos, race tracks, Lotto tickets etc. The catch is you have to prove it if called on it. Not hard to do. Never put a dime in a slot machine with out your player card inserted. Save your old Lotto tickets etc. They will let you fudge a little but you must be able to back up your estimate of losses with some hard proof. If you are a table player as well, show your player card when you first sit down to play and at the end of the year, a casino can give you a written estimate on your wins and losses for that year. Most of this is not true for cruises. Most do not have player cards so if a win had to be claimed, I guess it would have to be estimated how much of losses you had to win that money. Good Luck. Hope we both come home WINNERS.
Reply With Quote