Oklahoma gambling taxes

[ou-sooners]

Any tax accountants on the board familiar with OK gambling taxes?

 

[Goldentot]

Any tax accountants on the board familiar with OK gambling taxes?

The basic rule is the government never misses a chance to pick your pocket to pay for all their employees and stupid ideas. It’s legalized stealing.

 

[ou-sooners]

Pretty much, I know they want 24% of your winnings. I need advice on filing itemized with writing off the money I’ve lost. I’ve hit a few nice ones this year though and of course got w2’s

 

[pssooner]

Pretty much, I know they want 24% of your winnings. I need advice on filing itemized with writing off the money I’ve lost. I’ve hit a few nice ones this year though and of course got w2’s

if you have a player card at the casino you can get a profit / loss statement that shows how much you won and lost over the year. At least I know that’s how it works out here in Ca. And Nevada. And I think you are talking about a 1099 not a W2. Not that I know about any of those things!!!!! 😇[/QUOTE]

 

[ou-sooners]

if you have a player card at the casino you can get a profit / loss statement that shows how much you won and lost over the year. At least I know that’s how it works out here in Ca. And Nevada. And I think you are talking about a 1099 not a W2. Not that I know about any of those things!!!!! 😇

[/QUOTE]
I can get a statement from my bank of all the transactions from the atms at the casino. I can Itemize and write off as much as my total winnings. Just want some real advice not just what I hear from some taxes people.

 

[Scottsdale.Sooner]

I can get a statement from my bank of all the transactions from the atms at the casino. I can Itemize and write off as much as my total winnings. Just want some real advice not just what I hear from some taxes people.
[/QUOTE]
The size of your gains/losses will determine the IRS' interest in your case. If you are talking $3000 then you have some room to move, medium size money, say $250,000 then it will get their attention. You need a tax lawyer not a tax accountant. Prepare for combat. Your ATM effort will not stand up unless you can connect the dots from the ATM to the blackjack table. Your buy/sell chip count on a nightly basis will keep you straight.

PS: I'm not a gambler of more than $100 (mostly paid/collected in bottles/cans) on the golf course but I know someone that gambles for his livelihood here in Az.

Oklahoma Gambling and State Lottery Laws - FindLaw

States that allow gambling or operate an official state lottery use the proceeds either for the general fund or for specific purposes. Like a lot of states, Oklahoma restricts casino-style gambling operations to Native American reservations, and also allows betting on horse racing and certain...

statelaws.findlaw.com