How Much Money Have You Lost Gambling Reddit

• How Much Money Have You Lost Gambling Reddit Today
• How Much Money Have You Lost Gambling Reddit 2019
• How Much Money Have You Lost Gambling Reddit Real
• How Much Money Have You Lost Gambling Reddit 2020

Gamblers understand the concept of win some, lose some. But the IRS? It prefers exact numbers. Specifically, your tax return should reflect your total year’s gambling winnings – from the big blackjack score to the smaller fantasy football payout. That’s because you’re required to report each stroke of luck as taxable income — big or small, buddy or casino.

If you itemize your deductions, you can offset your winnings by writing off your gambling losses.

It may sound complicated, but TaxAct will walk you through the entire process, start to finish. That way, you leave nothing on the table.

If you have one and can get by without it, sell your vehicle. That will be a daily reminder of the fruits of gambling. Have your parents handle any future amounts of money for you, doling it out as needed. Othewise, you will do it again, or find some other 'sure thing' to gamble it on, trying to get back 'up'. Don't gamble in any form.

1. During a year-long gambling streak, Terry lost a mind melting $204 million dollars at two Vegas casinos. Both gambling halls are owned by Harrah's Entertainment, Inc. And Watanabe's staggering.
2. It would cost you $130 in order to collect a $100 payout on a Dodgers victory (plus the original wager of $130). But if you bet $100 on the Cubs, you'd collect $120 if they win (plus the original wager). In other words, you'll have to wager more money on Los Angeles than you would Chicago in order collect $100 on a bet.

How much can I deduct in gambling losses?

You can report as much as you lost in 2019 , but you cannot deduct more than you won. And you can only do this if you’re itemizing your deductions. If you’re taking the standard deduction, you aren’t eligible to deduct your gambling losses on your tax return, but you are still required to report all of your winnings.

Where do I file this on my tax forms?

Let’s say you took two trips to Vegas this year. In Trip A, you won $6,000 in poker. In the Trip B, you lost $8,000. You must list each individually, with the winnings noted on your return as taxable income and the loss as an itemized deduction in Schedule A. In this instance, you won’t owe tax on your winnings because your total loss is greater than your total win by $2,000. However, you do not get to deduct that net $2,000 loss, only the first $6,000.

Now, let’s flip those numbers. Say in Trip A, you won $8,000 in poker. In Trip B, you lost $6,000. You’ll report the $8,000 win on your return, the $6,000 loss deduction on Schedule A, and still owe taxes on the remaining $2,000 of your winnings.

How Much Money Have You Lost Gambling Reddit Today

What’s a W-2G? And should I have one?

A W-2G is an official withholding document; it’s typically issued by a casino or other professional gaming organization. You may receive a W-2G onsite when your payout is issued. Or, you may receive one in the mail after the fact. Gaming centers must issue W-2Gs by January 31. When they send yours, they also shoot a copy to the IRS, so don’t roll the dice: report those winnings as taxable income.

Don’t expect to get a W-2G for the $6 you won playing the Judge Judy slot machine. Withholding documents are triggered by amount of win and type of game played.

Expect to receive a W-2G tax form if you won:

• $1,200 or more on slots or bingo
• $1,500 or more on keno
• $5,000 or more in poker
• $600 or more on other games, but only if the payout is at least 300 times your wager

How Much Money Have You Lost Gambling Reddit 2019

Tip: Withholding only applies to your net winnings, which is your payout minus your initial wager.

What kinds of records should I keep?

Keep a journal with lists, including: each place you’ve gambled; the day and time; who was with you; and how much you bet, won, and lost. You should also keep receipts, payout slips, wagering tickets, bank withdrawal records, and statements of actual winnings. You may also write off travel expenses associated with loss, so hang on to airfare receipts.

How Much Money Have You Lost Gambling Reddit Real

Use TaxAct to file your gambling wins and losses. We’ll help you find every advantage you’re owed – guaranteed.

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• This topic has 17 replies, 13 voices, and was last updated 10 months ago by .

• Hi

  Im really struggling now with debt due to gambling.. i am struggling to see a way out of this hole, one thing i know is that i have a very tough road ahead if i ever want to be happy again.

  I was wondering how much others had lost due to gambling, not so i can make myself feel better about the ammount i have lost. More because i think it will help to have a thread i can see with the ammount of moey we have all lost to detere me and remind me that there are no winners!

  I gauge the ammount i have lost, based on the current debt i have of 40k 🙁 however this isnt including the full salary i have been on for 9 years with literally nothing to show for it!

  I am constantly bombarded with story’s of people winning… never hearing of the losses..

  Please tell me there are people who have lost more and made a come back????????????

  Thanks for listening

  Not many gamblers admit there losses till they end up here. If everyone was winning the casinos would not be around. I have dug huge holes, dug out, dug holes , dug out what feels like most of my life. I made it for almost 6 months without gambling and life was good, but as usual I got complacent and the addiction told me it’s ok now. I have no intention of gambling but I put up every road block possible just Incase the ugly monster ever shows up again. (He always does but this time I will be ready). I stopped counting losses after 1.5 mil but I am sure it must be close to 2. We lost a lot more than money though. We lost time, health, ourselves, the list goes on and on. You can dig out of the hole and be happy again. You have to make a decision to be happy again. Ban yourself , give your money to someone you trust and go to meetings and or keep coming here. One day at a time and and with each passing day it will get better. (I seem to prove that to myself over and over) Not anymore.

  Hi john

  I estimated that I blew £1.1m since I started gambling but when I worked it out throughly it was about half of that amount….which in a sick way is quite a good result.

  I too constantly hear about all of the winners people have but never a loss. Most I ever did in a single session would of been 6/7k.

  Coming up to 3 months clean and feeling a lot better

  Best of luck with your recovery

  I don’t think that it matters what we have lost gambling. (moneywise) No one ever wins it all back!!! Anyone who has a gambling addiction and tells you this is lying to themselves. I think we lose a lot more than money. We lose our integrity, faith and self respect. You can dig out of your debt. You can consolidate your debts, set up repayment plans with creditors, ect… First you need to ban yourself from casinos, seek support here and maybe GA meetings. One day at a time. Things will get better!

  Hi John, I know it is usually the money that brings us to our rock bottom but the amounts involved aren’t so relevant.

  The “winning stories” are always the loudest, no one talks about their losses. This is true even for non addicts. I was in a card school once. I know I was winning at the time, know my friend was winning too. Everyone else was claiming to be even!! Go figure.

  I can tell you what you want to hear though, I think anyway.

  If you mean have I heard of peole who have lost more and managed to stop and rebuild their lives then yes, many.

  If however by “made a come back” you mean people that have lost and then won it back then no, not if they are compulsive gamblers. This is a progressive problem, continue to gamble and things always get gradually worse.

  The good news though is that there is a lot of help available to you. Here, other online sites, Gamblers Anonymous, Gamcare here in the UK and more.
  Read the other stories here. What thigns have helped others that you can apply to your own situation?

  Regarding the finances, here in the UK you can get great free advice from either the Citizens Advice Bureau or Step Change. Lots of options avaialble these days from bankruptcy through to repayment plans, with a lot in between. They will talk you through those options and even write to your creditors for you.

  Whatever financial solution you choose though won’t make much difference if you carry on gambling. Keep posting and let us know what positive steps you are taking to help you do that.

  but self respect, guilt and trust will always be lost- they are more important.

  Hi John I have to echo charles’ sentiments. Monetary loss is only a small part of the overall damage caused by gambling. No amount lost is impossible to recover from unless you literally committed a crime that will have you in jail for many years.

  I get the sense that you are not confident that you can recover from your financial losses. The key is patience. Stay GF for a year and review and reflect. Besides saving money use this opportunity to rebuild and develop all other aspects of your life. When you look back and go, wow, not gambling has really improved my quality of life, helped you develop X amount of skills/knowledge…then you can truly realize that you are recovering. The financial aspects will naturally look after themselves.

  Hi John, You are doing awesome! It is good that you have taken steps with your debts and money. That is a big step! I know that the hole we dig for ourselves looks big but with patience you will see results! What are you doing for your gambling urges? Besides the support and groups here, there are support groups that you can attend. Sometimes it helps to be with others in your same situation. Even reading self help books can give you insight. Anyways, keep doing what you are doing! Take care.

  Hi there I just joined 10 mins ago because I gave up
  For 8 months with seeing a therapist but he told me I didn’t need him anymore well I’ve lost £8k in about 2 weeks and over the years ive lost hundreds of thousands more than I can add up but even now I would take losses if I thought I wouldn’t gamble again

  Good question my friend and the answer is far too much…..

  However the time we have lost is far much more…………

  I hope this finds you well and wish you all the very best in recovery.

  Maverick

  Time and lose money, unless you accept that’s it you then borrow, beg and steal for money. once you’ve lost that you either get help or you continue which eventually you’ll be alone, with a criminal record or dead. or all 3, that’s reality.

  society, tv, music it all makes you want things which causes jealousy. we are driven by money to replace money that’s why we continue to gamble. we might as well go to the atm on payday withdraw it all and throw it out the window.

  if we use a loan or credit card to gamble we should be punished criminally, it should be illegal. family or friends baililng us out will never make you learn.

  unless you seek help that’s the only way to be gamble free.

  that’s where the problem lies.

  our life choices, although there is temptation we must not give in. we chose to gamble and do wrong, so we must face our consequences.

  try to be positive, the reality is to live, have a car, have a haircut, go shopping and keep fit doesn’t cost that much. when your chasing you need to stop.

  get help before its too late, then continue to talk and continue to get help. i don’t think you ever become cured, it becomes a routine coming gamble free. do what works for you.

  ive done around £150k mostly not my money either(stolen)

How Much Money Have You Lost Gambling Reddit 2020