Do bonuses affect taxes? (US)

[AcmeSalesRep]

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When you report this gambling income, be it winnings or rebates or whatever, do you fill out form W2-G and fill in Party Poker and all their info? Do you fill out forms for each poker site?

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I just lump all of my gambling together...add up the winnings and report it as gambling winnings...all up the losses and deduct them in my itemized deductions. (Note that I make separate entries for both me and my wife.)

It might not be completely correct, but it works for me. If I get to the point where it becomes significant relative to my regular family income, I will consult a qualified accountant and see what s/he thinks. Until then, I think this is good enough.

Acme

[iceman5]

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[ QUOTE ]
When you report this gambling income, be it winnings or rebates or whatever, do you fill out form W2-G and fill in Party Poker and all their info? Do you fill out forms for each poker site?

[/ QUOTE ]

I just lump all of my gambling together...add up the winnings and report it as gambling winnings...all up the losses and deduct them in my itemized deductions. (Note that I make separate entries for both me and my wife.)

It might not be completely correct, but it works for me. If I get to the point where it becomes significant relative to my regular family income, I will consult a qualified accountant and see what s/he thinks. Until then, I think this is good enough.

Acme

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In Turbo Tax, it asks if you have gambling winnings and if you say yes, then it gives you the W2-G to fill out. Normally you would have an actual W2-G if you won the lotto or something and you would just transpose the info form the actual form to the Turbo Tax form.

In this case you dont really have a W2-G form, so is there some other way to report it? Is there a line for gambiling winnings? Other income?

I use Turbo Tax and e-file so I havent actually seen a tax form in a while.

[AcmeSalesRep]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
When you report this gambling income, be it winnings or rebates or whatever, do you fill out form W2-G and fill in Party Poker and all their info? Do you fill out forms for each poker site?

[/ QUOTE ]

I just lump all of my gambling together...add up the winnings and report it as gambling winnings...all up the losses and deduct them in my itemized deductions. (Note that I make separate entries for both me and my wife.)

It might not be completely correct, but it works for me. If I get to the point where it becomes significant relative to my regular family income, I will consult a qualified accountant and see what s/he thinks. Until then, I think this is good enough.

Acme

[/ QUOTE ]

In Turbo Tax, it asks if you have gambling winnings and if you say yes, then it gives you the W2-G to fill out. Normally you would have an actual W2-G if you won the lotto or something and you would just transpose the info form the actual form to the Turbo Tax form.

In this case you dont really have a W2-G form, so is there some other way to report it? Is there a line for gambiling winnings? Other income?

I use Turbo Tax and e-file so I havent actually seen a tax form in a while.

[/ QUOTE ]

I do not recall it asking me to fill in all the W-2G info. I recall TT asking me how much each of us won and lost. If it asked for the other information, I likely just said various online and B&M sites or something similar.

I had no trouble e-filing with my gambling claims...and I definitely did not fill out tons of forms for each site.

Acme

[grinin]

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Is there a line for gambiling winnings? Other income?


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1040 line 21 Other income. Write in Gambling. Total all your wins and enter on this line. Losses must be entered as itemized deductions unless you file as a professional.

[AcmeSalesRep]

[ QUOTE ]
[ QUOTE ]
Is there a line for gambiling winnings? Other income?


[/ QUOTE ]

1040 line 21 Other income. Write in Gambling. Total all your wins and enter on this line. Losses must be entered as itemized deductions unless you file as a professional.

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Yeah...pretty sure this is how mine went down in Turbo Tax...

Acme

[Jimbo]

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The *recipient* of a gift is never required to pay any taxes on said gift. Bill Gates could walk up to you and write you a check for $100,000,000 and you would not owe any taxes on the money. The *giver* has to worry about the tax implications

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This is soooooooo wrong.

[AcmeSalesRep]

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[ QUOTE ]
The *recipient* of a gift is never required to pay any taxes on said gift. Bill Gates could walk up to you and write you a check for $100,000,000 and you would not owe any taxes on the money. The *giver* has to worry about the tax implications

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This is soooooooo wrong.

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No, it is not.

Acme

[AcmeSalesRep]

[ QUOTE ]
[ QUOTE ]
The *recipient* of a gift is never required to pay any taxes on said gift. Bill Gates could walk up to you and write you a check for $100,000,000 and you would not owe any taxes on the money. The *giver* has to worry about the tax implications

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This is soooooooo wrong.

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Repeating...no, it is not. Unless you take umbridge with the word "never" which is still correct since the recipient is not required to enter into an agreement where they pay the taxes instead of the donor. (Though they might not get the gift if they don't.)

See http://tinyurl.com/9yqsk and note question number 2.

Q: Who pays the gift tax?

The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

[AL5AcE]

I'm so confused about poker and taxation. So what constitutes a win and loss? Do you just tally up the total net amount gained/won be it profits or losses? Do you add up per month, or per year, per session, or what?

[Niediam]

It's per session but unfortunately there is some ambiguity as to what a session is for B&M play and absolutely no ruling as to what a session is for online play.