Last updated: Saturday, December 16, 2006 |
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bet,
poker
This week’s question is as follows:
Question: for tax winnings on a bad beat jackpots, can you count the total amount bet during the hand as the bet for the 300 to 1 rule
Answer: You can only show that you broke even or won. Can't claim a loss.
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2 comments
Mike Smith
December 16, 2006
you can offset all your winnings at the end of the year with all your losses if you keep a rough tally going so you should in the end keep it all unless you are winning that often then you have nothing to worry about
December 16, 2006
depending on the casino when a jackpot is hit depending on the amount won they may make you fill out a tax form which in turn they send to the IRS. HOWEVER everytime you go to the casino if you cash a check or withdraw money from the ATM save your reciept because come tax time you can show those as gambling losses and probably not have to pay anything.