Playing casino games allow a player to experience the joys of gambling entertainment with the chance to win huge prizes once they get lucky enough. Many casinos are able to produce many instant millionaires for many years now. And the fun and excitement of playing casino games remain to be highly popular among gamblers.
The price of winning a huge casino jackpot brings more excitement among gamblers. Perhaps winning big from a casino game is what entices many gamblers to engage with casino gambling. But not all gamblers know that they are taxed for winning a certain amount when gambling in casinos.
The IRS requires the casino to report any winnings from their establishments that are more than $1,200 from their casino games on keno, slots and video poker and others. This force the casino to issue their winning players of more than $1200 with a W-2G form. This requires the player to provide their social security number, name and address. The player also needs to provide a form of identification to the casino before the release of their winnings.
The law requires the player to declare their winnings when filing their income tax. The law also allows gamblers to deduct from their tax the amount of their losses when gambling in the condition that their claims for deduction will be supported with documents.
This is where keeping a log book an essential part of gambling. Many gamblers may find it unnecessary without realizing how a log book can be a helpful tool in the event that they do win a big jackpot when gambling in the playing online casino.
The logbook should contain important information about their gambling activities such as the date and location where they gamble, the type of game they played with the serial number of the machine they have played with information about the amount they won and lost.
One should try to keep complete and accurate information as much as possible. It is wise to take notes on the information pertaining to your gambling activities then transfer the data to a spreadsheet.
The information one keeps from their log book can be valuable later on to help them save paying big amount for taxes if they get lucky enough to win a huge amount when gambling. If a gambler does not observe the habit of keeping a log book on their gambling activities it is not too late to start now. This will give them better convenience later on since the luck of winning a casino jackpot in a huge amount is highly unpredictable yet always possible.
