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gambling losses

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  1. dodge_SOAPS dodge_SOAPS is offline

    Springfield, IL
    United States

    Posts: 332
    Joined: Jun 07

    Aug 1st, 2007 (8/1/2007 4:01pm)

    The only way to keep track of gambling losses is to keep a journal, correct? I mean you can go dump 100k at most casinos and you will recieve no paperwork showing this. So hypothetically, you could just offset your poker winnings with an imaginary big loss for the year? Not condoning anything illegal, just wondering if/why this is a stupid thing to do.
  2. indyballin indyballin is offline

    Ithaca, NY
    United States

    Posts: 59
    Joined: Jun 07

    Aug 1st, 2007 (8/1/2007 5:22pm) in reply to dodge_SOAPS

    might be suspicious
  3. Thatislife Thatislife is offline

    Posts: 4,887
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    Aug 1st, 2007 (8/1/2007 5:24pm) in reply to dodge_SOAPS

    Alot of people cheat on their taxes. Just don't be one of the of the people who get caught.
  4. Games Geek Games Geek is offline

    Foster City, CA
    United States

    Posts: 1,799
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    Aug 1st, 2007 (8/1/2007 6:07pm) in reply to dodge_SOAPS

    I mean you can go dump 100k at most casinos and you will recieve no paperwork showing this.

    You don't have a bank statement showing the withdrawals?

    Quite simple: part of claiming something on your taxes is having documentation to prove it's the case. If you get audited and you cannot present evidence of these theoretical "losses" that offset your winnings, you will end up in jail.

    If you're talking about moving a few hundred around here and there... fine. You can probably offset that with burgers you bought at Wendy's. If you think you're going to get away with offsetting 30k in winnings with imaginary losses... well. Good luck.
  5. kornkid kornkid is offline

    Tampa, FL
    United States

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    Aug 1st, 2007 (8/1/2007 6:16pm) in reply to dodge_SOAPS

    lol.............................

    post of the year material

    hypothetically, you will end up in a nice PMITA facility
  6. Club30 Club30 is offline

    Allen Park, MI
    United States

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    Aug 1st, 2007 (8/1/2007 6:59pm) in reply to dodge_SOAPS

    Ok, say you are sitting down to prepare your taxes for the year and you have 100k in winnings you just can't put 100k in loses and call it even steven. Your losses lessen your tax burden but doesn't eliminate it, well, actually it will barely put a dent in it.
  7. dodge_SOAPS dodge_SOAPS is offline

    Springfield, IL
    United States

    Posts: 332
    Joined: Jun 07

    Aug 2nd, 2007 (8/2/2007 8:06pm) in reply to Club30

    This is incorrect. Your losses can be deducted directly off your winnings. So if you have 100k in winning and 100k in losses you owe nothing.
    Thread Starter
  8. dodge_SOAPS dodge_SOAPS is offline

    Springfield, IL
    United States

    Posts: 332
    Joined: Jun 07

    Aug 2nd, 2007 (8/2/2007 8:08pm) in reply to Games Geek

    OK, so say someone withdraws 100k and buys a bentley in his wealthy friends/parents name then claims he lost the 100k at the casino. Seems like a genius plan.
    Thread Starter
  9. rocksolid124 rocksolid124 is offline

    Denham Springs, LA
    United States

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    Aug 2nd, 2007 (8/2/2007 8:11pm) in reply to dodge_SOAPS

    Theoretically I suppose you could do this if you were a scumbag.
  10. ShortStack3 ShortStack3 is offline

    NE
    United States

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    Aug 2nd, 2007 (8/2/2007 8:15pm) in reply to dodge_SOAPS

    Just collect people's losing lottery tickets/pickle cards/keno and horse betting slips for the entire year and you've got your proof you actually did "lose" all that money. GL

    JOKE BY THE WAY...
  11. dodge_SOAPS dodge_SOAPS is offline

    Springfield, IL
    United States

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    Aug 2nd, 2007 (8/2/2007 8:16pm) in reply to rocksolid124

    Well if scumbag=not wanting to give his hard earned money to dirty politicians.
    Thread Starter
  12. dodge_SOAPS dodge_SOAPS is offline

    Springfield, IL
    United States

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    Aug 2nd, 2007 (8/2/2007 8:20pm) in reply to ShortStack3

    well the lottery tickets would be too small of amounts but if you could find large horse betting receipts that sounds like a good idea.
    Thread Starter
  13. hygrometer hygrometer is offline

    Butler, NJ
    United States

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    Aug 2nd, 2007 (8/2/2007 8:20pm) in reply to dodge_SOAPS

    if you dont use the bank ever, all year, and no credit cards, and just deal in cash, then theres no proof
  14. dodge_SOAPS dodge_SOAPS is offline

    Springfield, IL
    United States

    Posts: 332
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    Aug 2nd, 2007 (8/2/2007 8:22pm) in reply to hygrometer

    hard to deal in cash only when you withdraw from online poker sites/neteller.
    Thread Starter
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