I am not a tax accountant/professional so please check with your local HR Block or some other tax professional for this tax advise. You could also figure in other losses for the same year such as bingo, lottery, horse/dog tracks, other casinos and so on. Therefore you may offset your winnings with losses to avoid paying additional tax. For example, Say you cruised MSC 5 times last year and won a 10,000.00 jackpot, received a 1099, but the win loss statement from your 5 cruises shows you lost in the casino a total of $15,000.00, you can offset the $10,000 in winning with $10,000 of your losses. However, If you get a win loss statement from MSC and it shows you actually lost more than you won, you can offset the winnings to avoid being taxed. So no need to report on taxes.Īs for your husband wanting a win/loss statement, it leads me to believe you did get a 1099 and he has to report it and it could be taxed heavily.
Therefore if you do not get a 1099 form at time of winning, this means the ship is not reporting your winnings to the IRS. It often is debated that a ship in international waters and not in US territory does not constitute US law. This is the form you use to file taxes as a gain. In a casino if you have won over $1,500.00 in a one time payout you may be given a 1099 form at the time of payout.
