It’s getting near that time when we start thinking about our tax returns. And many casino goers are wondering about how they need to deal with their gambling information, particularly if they received one (or more) W-2G’s for the first time last year. Many of these first-timers might be tempted to ignore them, thinking that even if they had one or two jackpots they were an overall loser for the year so didn’t need to give the IRS any information.
WRONG! And you need to know why.
Now there is a YouTube video that explains some of the basic information you need about taxes and gambling, with Steve Bourie, publisher of the American Casino Guide, asking me many of the questions gamblers might have about this subject. If you have more questions and need more details, you can find them in Tax Help for Gamblers. This book can be ordered at queenofcomps.com and at http://www.shoplva.com/. At the later place you can also order it as an e-Book to download immediately. Many people have found it valuable to share this book with their accountants and tax-preparers who aren’t familiar with many of the complex tax considerations for gamblers.