vpFREE2 Forums

CET Win Loss Statement now available

#1

There is a problem with counting lost free play the same as lost cash. From
an accounting and tax point of view the $200 coupon cannot be counted as a
loss until it has been counted as a $200 gain as income. All of a person's
money has to come from somewhere and technically be accounted for. A coupon
from Caesars is not money and clearly says so on the coupon. If you lose
the coupon (in a machine or otherwise) you have lost no money. If you leave
coupons at home or let them expire you have lost the opportunity to play
for free but you have not lost anything from an income point of view.

Joel P.

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#2

A coupon from Caesars is not money and clearly says so on the coupon. If you lose the coupon (in a machine or otherwise) you have lost no money.

But, how do you handle what its value has become after it is played through once and it becomes real money?

Is the ending amount simply considered to be winnings, with nothing having been risked in earning it?

..... bl

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#3

How do you look at points that you convert into cash back or free slot play?

Sender: vpFREE@yahoogroups.com

···

-----Original Message-----
From: "bornloser1537@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
Date: 04 Jan 2015 09:16:48
To: <vpFREE@yahoogroups.com>
Reply-To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: CET Win Loss Statement now available

A coupon from Caesars is not money and clearly says so on the coupon. If you lose the coupon (in a machine or otherwise) you have lost no money.

But, how do you handle what its value has become after it is played through once and it becomes real money?

Is the ending amount simply considered to be winnings, with nothing having been risked in earning it?

..... bl

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#4

How do you look at points that you convert into cash back or free slot play?

I have never done that.

..... bl

[Non-text portions of this message have been removed]

#5

A coupon from Caesars is not money and clearly says so on the coupon. If you lose the coupon (in a machine or otherwise) you have lost no money.

But, how do you handle what its value has become after it is played through once and it becomes real money?

Is the ending amount simply considered to be winnings, with nothing having been risked in earning it? In my opinion, it's a gift or "goodwill distribution" from CET to you, the amount of that gift is not determined until you have played it through.Like any gift you receive, it's not a taxable event for you. After CET has distributed a certain amount in any one calendar year (currently someplace around $14,000) to any one individual, I would think there would be tax consequences for them, but that's not the recipients concern. Jim

···

     On Monday, January 5, 2015 4:57 AM, "bornloser1537@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:
   
> How do you look at points that you convert into cash back or free slot play?

I have never done that.

..... bl

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#6

In my opinion, it's a gift or "goodwill distribution" from CET to you, the amount of that gift is not determined until you have played it through.Like any gift you receive, it's not a taxable event for you.

But, there is a non-zero chance, when playing through a "free money coupon", that you may hit a $4,000 RF and get a W2-G. I think one would have a hard time convincing the IRS this was a "gift from CET", if you happened to be audited.

(I am not trying to be a "wise-guy" nor argumentative, I am just seeking the ways in which various people treat their "free money coupons".

..... bl

(I did, in fact, once get a $1,000 RF with quarter VP while playing "free money" through once.)

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#7

The phrase "goodwill distribution" has no meaning in tax law in this context. "gift" needs to be free of consideration.

I'm no expert, but am an accounting professional .... I expect that the requirement to return to the casino to play the coupon, as well as the general stipulation that redemption without play may kill further offers, would be likely sufficient to establish consideration.

I don't consider play accounting to be rocket science. I report my results on a cash basis. Anything directly related to play that reduces my cash outlays on gambling is reported as a reduction in gross loss, or reported as gross winnings (as circumstances deem appropriate).

---In vpFREE@yahoogroups.com, <jimengstrom1@...> wrote :

> A coupon from Caesars is not money and clearly says so on the coupon. If you lose the coupon (in a machine or otherwise) you have lost no money.

But, how do you handle what its value has become after it is played through once and it becomes real money?

Is the ending amount simply considered to be winnings, with nothing having been risked in earning it? In my opinion, it's a gift or "goodwill distribution" from CET to you, the amount of that gift is not determined until you have played it through.Like any gift you receive, it's not a taxable event for you. After CET has distributed a certain amount in any one calendar year (currently someplace around $14,000) to any one individual, I would think there would be tax consequences for them, but that's not the recipients concern. Jim
   
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