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You play blackjack at the casino and recently you won a lot of money you have lost just as much but have no records now how do you file so you dont get killed or what else can you do?
Wiki User
∙ 14y ago
There is not much you can do. Blackjack winnings and loses are generally not recorded by the casino unless you buy in for more than $3000. or win more than $10,000. In which case the casino is required to file paperwork with the IRS.
If you won money at Blackjack you don't have to declare it unless the casino issued you a 1099-G form. Losses can be deducted from your winnings if you have ATM receipts, canceled checks, or a players club card that tracks Blackjack play. Some casinos will issue you a frequent player statement that can be used for tax purposes, just be sure to check with your tax preparer to see if it is legal in your state. However, you cannot deduct more than your winnings. If you won $5,000. you can only deduct your losses up to $5,000. Also, in order to be able to deduct your losses you must itemize your deductions.
You can get free information from the IRS regarding this topic by calling their automated system at 1-800-829-4477 topic number 419 or online at www.irs.gov.
Wiki User
∙ 14y ago
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