Win/Loss Statement - Social Club / Seneca Resorts & Casinos
casino win loss
casino win loss - win
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Hi, so I just had a dream I won huge while gambling, and then I woke up. I began daydreaming about the money, which lead me to thinking - how do you report your gains and losses if you don’t have an account? I remember when I did gamble, I put in money, played a bit, and exchanged the voucher for cash. Let’s say I won about $5,000, and the casino just paid me out in cash. How do I report those earnings to IRS?
Hello All, This is my updated Win/Loss Statement from a Casino: Summary Since: 1/2020 Total Deposits: $24,948.56 Total Withdrawals: $21,228.13 Net Total: $3,720.43 Win/Loss Since: 1/2020 Bet Winnings: $278,559.91 Stakes Wagered: $288,676.02 Win/Loss: -$10,116.11 In the mix of all of those numbers will be around $47,000 in reported W2G's. How would I do my taxes on this? Is it safe for me to put down $47,000 in losses?
Curious how accurate these are in your area. I know what I’ve lost this year and kind of want the paper to back it up, but doubt the casino will be accurate.
Hello Readers, Over the course of this year, I have won around $54,000 from an online casino(not all at once). I have set aside some money but it isnt enough. My normal tax situation is Married Filing Joint. Gross income yearly is $79,000. When I input these numbers on TurboTax it shows me owing $13,000 in Fed and $3,000 state. According to a win/loss statement from the online casino I have lost $65,000. Which to me is nuts because it counts every single slot spin I have done. I deposited around $6,000. In this process, a box on TurboTax popped up asking if I had losses. I entered what I lost according to the casinos win/loss statement and it itemizes the return instead of a standard deduction and it drops what I would have owed to FED to around $1600.00 and State to $300.00. It seems WAY more beneficial for me to itemize with the losses. TurboTax makes it seem simple. I read a BUNCH of articles on deducting losses to offset winnings and almost all of the articles state that you cannot just simply say I won "X" amount and lost "X" amount. Providing documentation most definitely wouldn't be an issue as this was all done on Draftkings Casino. What specifically would the IRS potentially ask for and will they even ask for it? I'm just wondering how the loss deduction is actually performed on taxes. Thanks in advance.
Long time lurker, decided to post. Just a little about me. 41, married and a kid. I have a job where I am in constant stress, pays ok. As per my casino win/loss records am probably down 150k in 10 years. I realized am at a bottom right now I had been in an ok streak and on January 1st lost 22k.. I usually have like 400 bucks after paying my bills every month, so this is a large amount. Just as an FYI, I took money as a cash advance and will be paying my credit card and high interest rate for a long time. Questions help is how do I tell my wife. How do I start not thinking about gambling. Usually its all I think about, bets and how I can sneak out. I know this is not healthy. Right now am depressed and this is not making me want to do anything at home. Also if you guys can give me some advice on how to deal or what you guys do after such a big loss. Thank you for reading.
Hi. This is the first time I'm posting such a thing on here - and most probably will be rare, if I'm ever going to post another at all. DISCLAIMER: To be fair, I could assure you you're going to make profits with my forecasts rather on real stocks than on TCSE (which is funny indeed). I have experience regarding fundamental and technical analysis of the stock market IRL, though TCSE works in a whole different manner than the real stock market - as any stock simulation I have seen until now. There is very few fundamental analysis aspects in TCSE that can give an analyst a ground to work with - atleast as far as my knowledge goes. I cannot assure you to make profit with my predictions in TCSE, even though until now I was trading profit on all my bigger and thus more thought out positions in TCSE.
MCS (@1000$/share): Solely technically analyzed, this stock is a huge win potential. It seems like there was a recent flash crash and since we don't even know what technical factor this stocks price is calculated from in TCSE, we can most probably assume this stock was influenced by a drastic change of something we don't exactly know - possibly even multiple values. As Torn progresses further, though, we will most probably see a quick normalization in whatever influenced this stock so badly for the while being in the near future. To the more defensive trader, I'd suggest to price-average* their position over the course of the next few days and see where it goes. By normalization of the initial influence we could see it climbing back to where it was before very quickly (my own minimum target is at 1750); and I suppose the only way for a downward trend to continue would be another drastic change of the same kind, though keeping in mind that another such jump would have to be even more drastic and out of norm, it's safe to assume we won't see such a flash crash again anytime soon - win potential for the foreseeable future in my eyes would be specifically around 100%, I'd assume downward volatility to be way less than that, which is why I bought that stock.
*Price-Averaging or Dollar-Price-Averaging is a technique that allows a Trader to consistently keep their average position price on the average value of a share during a certain timeframe. Quickly explained - A Trader opens a position of volume x at time y, then for example increases their position throughout the same value x daily over the next 7 days. That way, the trader will have their average price of their subpositions all aligned together around the average price of the stock throughout their timeframe, and they're less vulnerable to high volatility the longer their timeframe is.
*LSC: There is both a technical and fundamental factor to this one that makes up for a pretty obvious buy, though it might be that it'd rather be a position to someone who can allow themselves some time on their position to develop. LSC has been constantly going down the past few months; LSC is dependant on Players Total Casino Win/Loss. While this is what LSC explicitly says, what I'd atleast assume to be rather true it's also dependant on the amounts of money used in all the casino games that go 1:1. That means - keeping it to the relevant game for this analysis, for example - the Bookie. If you're not living under a rock, you probably know there is a pandemic going on.. this pandemic has led to a ton of sports matches to be cancelled. And there is the point. No sport matches? No Bookie betting. No Bookie betting? Well, LSC's short-term graph. And looking into the (possibly distant..) future: No Moronavirus? No Bookie Match cancellations... you get the point. The best time to invest into LSC, aside of what I'd call now, would be when you see that there is an increasing number of sports matches being played again and thus Bookie opening up to more options again - though even now you might want to go for a short-term position and possibly renew it afterwards.
Honestly, I got no idea how much the Bookie influences LSC. It might be that this indeed almost doesn't influence it at all, it's all solely based on assumption that it influences it *enough* to actually make a noticable difference. Be cautious and understand that I cannot assure you for my assumptions to be right as there is so little info on the fundamentals of stocks given out to the players of Torn, so that my analysis can be reasoned, but whether the reason is the actual reason for what I assume it to be the reason for is a whole other piece of cake (yes that sentence is a little brainf- I know). I wish yall whoever reads this good profits :) Alpha3K (if you want to know my Torn ID, message me).
Can I deduct my casino losses against my DFS betting winnings?
If I win $2,200 on FanDuel, but have lost $1,000 at the casino, how do I calculate the tax? FanDuel would send a 1099, then just deduct the casino loss on W2?
Colorado online sportsbooks will report 1099s to IRS of your winnings >$600 and you can't deduct losses from AGI. Wondering if in-person bets will require an 'account' for the casinos to track us and report to IRS? If not, in person betting is better than mobile it seems.
Update: To anyone reaching this post late, I have good news. I misinterpreted what I was reading from fanduel and draft kings. The 1099 reporting of $600 or more only relates to daily fantasy sports. Now that they have legitimate sports books, sports book winnings are NOT reported to the IRS unless you win a bet at 300-1 or more odds, and in that case a W2-G would be given to you and the IRS. And if that 300-1 or more win is $5k+, the sports book is also be required to withhold 24% on you're behalf and remit that portion to the IRS upfront. Pro-tip: Don't be betting 300-1 or more long shots anyways. All of this being said, even wins that aren't required to be reported to the IRS from the sports book via a W2-G, you are supposed to nevertheless claim the wins as income anyways which probably no one is doing. Talk to your accountant or tax advisor. Just be careful and personally, I still like in-person bets if you can make it to the casino sports book in Cripple Creek/Black Hawk/Central City because then you're dealing with cash rather than documented bank transfers to and from sports books.
Contact us for your win/loss statement. Instant Win/Loss form is now live! Click on the button and enter your Rush Rewards Card Number and PIN to receive your win/loss by email. Must have a valid email attached to your Rush Rewards account. Please visit the Rush Rewards Players Club to provide or updated. Gamblers love to use casino win/loss statements because it is easy. Just report the amounts from the casino win/loss statements. No muss, no fuss. No record keeping hassles. You’re done. Unfortunately, it doesn’t work that way. For starters, the Internal Revenue Code requires taxpayers to keep and maintain adequate records sufficient to prove their income and deductions. In the opinion of Win/Loss Statement Request A Win/Loss Statement is an estimate of what an individual casino customer won or lost during a calendar year. This includes Slot and Table Game Play Only. Bingo and Poker play will not be included. North Star Mohican Casino Resort is under no obligation to offer win/loss tax information. In order to fulfill your request for information, please complete this form and mail it back. Upon receipt of your completed form, we will compile the information and mail it to you. Thank you for playing at North Star Mohican Casino Resort. I, _____ , request the following information from the North Your estimated win/(loss) is calculated by our tracking system based on the times you used your MyEdge Reward card. The estimate includes all gaming activity, including any jackpots for which you might have received a W2-G form. Combined Total: $ All Win/Loss Statement requests will need to be completed online. To receive your statement immediately: Click below to log in. Social Club Account Login (make sure your browser is not blocking pop-up windows*) Enter the property ID (N1, N2, or N3) and your Social Club by Seneca Card Number (Do not put preceding zeros) and PIN to access the Social Club by Seneca tool. Select the statement icon
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