I am the poor slob with the 5 years of back taxes to do. I won some money in a casino in Biloxi Mississippi and then I lost enough to offset the win. But the casino got blown away in Hurricane Katrina and all I have is the W2G showing the win, while I cannot get a win-loss statement from the casino to show my losses because it is gone. Will the IRS trust me on this one?????
2007-03-18 05:14:56 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You have to keep accurate records of your gambling winnings and losses at the time of the win or loss. For example, if you're playing the slots, record the name and address of the casino, the number of the slot machine and the total wins and losses. For table games, record the name of the game and the table number. If you did keep those records at the time and they were lost in the storm, the IRS will generally accept reconstituted records as long as the claims are reasonable. You certainly have a valid reason for loss of the records and the IRS is flexible on these claims.
Most of the Gulfport and Biloxi casinos were owned by one of the major casino holding companies such as Bally. Although the casino itself was destroyed, the financial records were not. If you still have your gaming card or if it was listed under your correct name and address, contact the company headquarters for a printout of your recorded action.
2007-03-18 05:33:02 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
No, I don't believe you have a case to not have to establish your losses because the casino was destroyed in the hurricane.
The computerized records for the casino were not blown away. All computer systems have disaster plans and the data is stored off site. Get the win/loss records from the casino.
You can also establish your losses by showing how you got the money that you used to gamble, such as bank account withdrawals, or credit card cash advances.
If it is a small amount (a few thousand, not megabucks), then you are probably OK putting your winnings on Line 21 and deducting the same amount on Schedule A. For a very large win, you may be questioned.
2007-03-18 08:02:27 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Why do you have back taxes to do? I don't understand the American system which allows you to not file. Canada would be all over your case if you filed 1 year and not the next. Anyway, since you are doing up back taxes you will need receipts for absolutely everything and even the ones you have they will question. Good luck and maybe hire an accountant.
2007-03-18 05:25:14 · answer #3 · answered by St N 7 · 1⤊ 2⤋
i don't know about this. I would say probably not. You have to have some type of record. But you might want to ask and see what they say. But the way the government runs these days with money, i would say they would probably need some kind of proof..
2007-03-18 05:20:44 · answer #4 · answered by aaron b 4 · 1⤊ 1⤋
No.....they want proof. Is there another way of getting this ?
2007-03-18 05:38:34 · answer #5 · answered by Carlene W 5 · 0⤊ 2⤋
No they want proof.
2007-03-18 05:35:43 · answer #6 · answered by James S 1 · 0⤊ 1⤋
look on irs.gov it should say what it is.
2007-03-18 05:18:17 · answer #7 · answered by swimmyfishy 4 · 0⤊ 2⤋