Okay, I know I should keep a log. I bought the Frugal Tax guide last
year and after being audited for gambling by the IRS, I know I REALLY
HAVE to keep a log. Most of all because last year was a wonderfully
lucky year for me.
This year I bought a small notepad to keep in my fanny pack (yeah, I
wear a fanny pack)and have so far dutifully noted 1)Date 2)machine
number, 3)Denomination, 4)type of machine,ie: DB, DDB, NSUD, etc. 5)
How much I put into the machine; and at the end of the session, how
much I won.
Okay, now here's my problem: Say I put a Benji into a machine. Five
plays later, pull a quad but don't cash out. Then, I continue playing
and like a stupid, rather than cash out, I play it down to zero. Do I
just note the $100 as a loss or do I need to record the quad? If so,
do I log $250 as put into the machine or is it a wash?
I THINK I'd record the benji as a loss and leave it at that but
I'm not sure. I did try the long way (recording the quad and then
noting it as money put into the machine) but it seems to put a real
damper into my play making my get-aways more WORK than play.
How do you pros do it?
Thanks,
MEM
Gambling logs
"misselmonte2000" <connie@...> wrote:
Okay, I know I should keep a log ...
How do you pros do it?
I keep daily logs of W/L totals by day by property.
Example:1-31-08 Suncoast VP (322)Keno +15 Sports+200 Daily W/L(107)
A very strict interpretation of the IRS rules would have you recording
EVERY wager and EVERY result for each hand you play, but this is just
plain ridiculous. It is much more realistic to record results
by "session" - although I don't believe the IRS provides a definition
of "session". If you walk into a casino with $3000 and leave with
$2900, record this as a $100 loss for the session. If you walk in with
$3000 and leave with $3100, record this as a $100 win for the session.
Just about everyone does it this way. Some people take a more liberal
approach to what constitutes a "session" and record results by "day" or
by "trip", which may or may not pass an audit, but I get the impression
that most people start a new "session" when they change casinos.
EE
···
--- In vpFREE@yahoogroups.com, "misselmonte2000" <connie@...> wrote:
Okay, now here's my problem: Say I put a Benji into a machine. Five
plays later, pull a quad but don't cash out. Then, I continue playing
and like a stupid, rather than cash out, I play it down to zero. Do I
just note the $100 as a loss or do I need to record the quad? If so,
do I log $250 as put into the machine or is it a wash?
for what purpose would you note the quad? what differentiates this
from any other single hand?
···
On Jan 31, 2008 9:47 AM, misselmonte2000 <connie@midvalleynews.com> wrote:
Okay, I know I should keep a log. I bought the Frugal Tax guide last
year and after being audited for gambling by the IRS, I know I REALLY
HAVE to keep a log. Most of all because last year was a wonderfully
lucky year for me.
This year I bought a small notepad to keep in my fanny pack (yeah, I
wear a fanny pack)and have so far dutifully noted 1)Date 2)machine
number, 3)Denomination, 4)type of machine,ie: DB, DDB, NSUD, etc. 5)
How much I put into the machine; and at the end of the session, how
much I won.
Okay, now here's my problem: Say I put a Benji into a machine. Five
plays later, pull a quad but don't cash out. Then, I continue playing
and like a stupid, rather than cash out, I play it down to zero. Do I
just note the $100 as a loss or do I need to record the quad? If so,
do I log $250 as put into the machine or is it a wash?
I THINK I'd record the benji as a loss and leave it at that but
I'm not sure. I did try the long way (recording the quad and then
noting it as money put into the machine) but it seems to put a real
damper into my play making my get-aways more WORK than play.
How do you pros do it?
Thanks,
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