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Hi and welcome to our instructional video that is designed to make you smarter gambler my name is Steve Bourne on the author of the American casino guide which is the number one bestselling book in the US on the subject of casino gambling and travel and the only book that comes with more than one thousand dollars in casino coupons if you want to know more about the book be sure to visit our website at americancasinoguide.com and if you have an iPhone or iPad be sure to download our free app just go to the app store and search for American casino guide in this video I speak with gambling author Jean Scott about gambling and taxes jean is the author of numerous books on casino gambling including the frugal gambler frugal video poker and tax help for gamblers if you've ever wondered what taxes are owed money when a large jackpot in US casino and how you can deduct gambling losses then this video will explain it to you now here's my interview with Jean Scott you have to pay taxes on everything you win in a casino the IRS likes everything reported every sort of gambling all and out of casinos whether its bingo lotteries raffles I'll whether you're playing in a casino on a cruise ship out in the ocean whether you're in a foreign country casino whether you're in a Native American casino and the United States the IRS is also concerned with online gambling particularly but much to some people surprise it does not matter whether the gambling online is legal or illegal the IRS does not make any difference they want you to report all gambling in all places in the world or in cyberspace or legal or illegal do you have to report your gaming action to the IRS even if you are a net loser at the end of the year the IRS wants to know all about your gambling action and probably one of the biggest myth is if you lose by the end of the year you look at the whole year you say I one sometimes I lost sometimes but in the long run I'm a net loser people think they don't have to report this is not true because the IRS wants you to keep track each incident gambling whether it's a session in a casino r1 and said that when you wanna the lottery or whatever, and they want you to keep a record I love all of those separately so at the end of the year you will have lots of winning sessions or winning incidents, and then you'll have lots of losing sessions or times that you lost the IRS specifically says in the instruction manual that you cannot reduce your wins by your losses and give a net total what the end of the year what are the IRS's record-keeping Requirements because the IRS wants to know all of your action the only way that you can fulfill their requirements is by keeping some sort of the gambling record it might be a diary friends tense I use a little booklet that's a calendar and each day I gamble I put down where I gambled what I played whether I wanna /URL of a more technical people might keep one in their smartphone or on their iPad or so forth I some people have...
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