I am new to Video Poker but I had a good year in 2010 and received a couple of W-2G forms.
The fellow who does my taxes told me I had to pay tax on the total as I have no other records.
I think I am stuck for last year but I have vowed to get religion this year and keep some sort of diary.
What is the best way to do it?
Marvin S
No.....
1) If you use a casino card; your play won/loss has been recorded. Check the websites for those casinos, there should downloadable win/loss record for your account.
2) If you have a record of your trips (gas, hotel, credit) that is the start of your diary. Declare your loss equal to your winnings, do not go over.
--- In vpFREE@yahoogroups.com, "simpsonmarvin@..." <simpsonmarvin@...> wrote:
I am new to Video Poker but I had a good year in 2010 and received a couple of W-2G forms.
The fellow who does my taxes told me I had to pay tax on the total as I have no other records.I think I am stuck for last year but I have vowed to get religion this year and keep some sort of diary.
What is the best way to do it?
Marvin S
First of the the guy who does your taxes, is right, kind of. Undoubtedly, you
also lost some money at the casinos you played at, even those you got the W2G's
from. Perhaps not net losses there, but you didn't win every hand. If you were
playing with a players card, you can request a win-loss form from each casino
you played at. The ones where there were W2G's will give you a win-loss
statement that includes those W2G figures.
You can total up all the numbers on your w/l statements and see how much you
actually won. But gambling losses can be deducted from gambling winnings, as
your guy should know, at least for federal, and for some states as well.
Obviously, you don't want to pay on your total W2G amounts, if you have some
losses that offset those winnings. At least you'll reduce the amount you have to
pay.
Going forward, you should be keeping a record of cash in, winnings, cash out,
etc. There have been numerous discussions of this in the past, or you could look
into Jean Scott's fine book that deals with taxes and VP.
Certainly the game is rigged. Don’t let that stop you; if you don’t bet, you
can’t win. -Lazarus Long
In theory, there is no difference between theory and practice. But, in practice,
there is. -Yogi Berra
There is no such thing as luck. There is only adequate or inadequate preparation
to cope with a statistical universe. -Robert Heinlein
________________________________
I am new to Video Poker but I had a good year in 2010 and received a couple of
W-2G forms.
The fellow who does my taxes told me I had to pay tax on the total as I have no
other records.
I think I am stuck for last year but I have vowed to get religion this year and
keep some sort of diary.
What is the best way to do it?
Marvin S
_
,_._,___
[Non-text portions of this message have been removed]
simpsonmarvin wrote:
I am new to Video Poker but I had a good year in 2010 and received a
couple of W-2G forms.
The fellow who does my taxes told me I had to pay tax on the total
as I have no other records.I think I am stuck for last year but I have vowed to get religion
this year and keep some sort of diary.What is the best way to do it?
My reply echos some of what has already been offered up ...
The average joe in your shoes, in preparing a return, might easily submit a "best guess" of losses as a deduction against the W-2G reported wins (in absence of firm documented losses). Failure to do otherwise would result in a tax liability of $1000+ greater than otherwise due.
But you'll be hard pressed to find a certified tax preparer who will take such a position without appropriate records. In signing your return, they're indicating their willingness to appear to defend the return in the event of an examination.
The IRS has been explicit in requiring a "contemporaneous" gaming record, supported by any other appropriate documents, to backup loss deductions when questioned. End of year casino win/loss statements are rejected as sufficient documentation (as are many "after the fact" reconstructions).
The risk of an audit, triggered merely by moderate reported gaming activity is slim, at most. (I know of audits only in the case of someone filing as a professional gambler, or where the accounting used resulted in reported gross wins less than total reported w-2G's.) But a professional preparer won't take even that risk.
I won't advise you on how to proceed. I'll note that even in the event of an audit, your additional liability would likely be limited to the underpaid tax as a consequence of the denied deduction, appropriate interest (@ something like 7%/yr), and in the worst case, a penalty of up to 50% of the underpaid tax. However, in many cases, if you can demonstrate that you reasonably estimated the undocumented losses, any penalties often are fully forgiven.
-------------------------------------------------------------------
As far as what constitutes an acceptable gaming log, here's the excerpted discussion from IRS Publication 529:
Gambling Losses Up to the Amount of Gambling Winnings
You must report the full amount of your gambling winnings for the year on Form 1040, line 21. You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. You cannot deduct gambling losses that are more than your winnings.
You cannot reduce your gambling winnings by your gambling losses and report the difference. You must report the full amount of your winnings as income and claim your losses (up to the amount of winnings) as an itemized deduction. Therefore, your records should show your winnings separately from your losses.
Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings.
Your diary should contain at least the following information.
* The date and type of your specific wager or wagering activity.
* The name and address or location of the gambling establishment.
* The names of other persons present with you at the gambling establishment.
* The amount(s) you won or lost.
Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your winnings and losses through Form W-2G, Certain Gambling Winnings, Form 5754, Statement by Person(s) Receiving Gambling Winnings, wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment.
For specific wagering transactions, you can use the following items to support your winnings and losses.
These recordkeeping suggestions are intended as general guidelines to help you establish your winnings and losses. They are not all-inclusive. Your tax liability depends on your particular facts and circumstances.
Slot machines. A record of the machine number and all winnings by date and time the machine was played.
<<But gambling losses can be deducted from gambling winnings, as
your guy should know, at least for federal, and for some states as well. >>
But only if you itemize!!
________________
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
The IRS has been explicit in requiring a "contemporaneous" gaming record, supported by any other appropriate documents, to backup loss deductions when questioned. End of year casino win/loss statements are rejected as sufficient documentation (as are many "after the fact" reconstructions).
Harry, I completely agree with you that this is what the IRS says they want, but listen to this: I was audited last year on my casino losses for year 2007, and my CPA sent the auditor a copy of my detailed hand written contemporaneous win/loss log, which was immediately and completely REJECTED as evidence of losses. The auditor wrote back that the best way to prove my losses was to send in copies of the win/loss records obtained FROM THE CASINOS I VISITED. So, in other words, the auditor's request was 180 degrees opposite of what the IRS states in their very own instructions. Based on some posts that have shown up on other gambling sites, I don't believe I'm the first person to run into this opinion during an audit. Anyway, the outcome was that I eventually did obtain sufficient documentation from the casinos to substantiate my declared losses and make the audit go away, but it was certainly a big pain. Harrah's and MGM make it easy to get win/loss records. Some other casinos - not so much.
The risk of an audit, triggered merely by moderate reported gaming activity is slim, at most. (I know of audits only in the case of someone filing as a professional gambler, or where the accounting used resulted in reported gross wins less than total reported w-2G's.).....
Until recently, I would have agreed with this statement. But when I went through the audit last year, my accountant told me "If it makes you feel any better, practically every client I have that has itemized gambling losses is being audited this year".
EE
--- In vpFREE@yahoogroups.com, "vp_wiz" <harry.porter@...> wrote:
Marvin,
Congratulations on your wins! A member of my family found themselves in a similar situation last year and had not kept good records of their prior wins and losses. So they decided to create an app for the iPhone that would help with keeping a diary. If you are an iPhone, iPod Touch or iPad user, please visit the iTunes store for a free download of the software:
http://itunes.apple.com/us/app/winloss-slot-players-diary/id408765252?mt=8&ls=1
We are interested feedback on the app, so if you have any suggestions for us, please contact me through vpFREE, email, or our website at: http://www.sandcroft.net/send-winloss-feedback/
Best Regards,
Alan
--- In vpFREE@yahoogroups.com, "simpsonmarvin@..." <simpsonmarvin@...> wrote:
I am new to Video Poker but I had a good year in 2010 and received a couple of W-2G forms.
The fellow who does my taxes told me I had to pay tax on the total as I have no other records.I think I am stuck for last year but I have vowed to get religion this year and keep some sort of diary.
What is the best way to do it?
Marvin S
I suggest you consider getting another accountant.
From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
eecounter
Sent: Thursday, February 03, 2011 2:04 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Had a good year in 2010
Until recently, I would have agreed with this statement. But when I went
through the audit last year, my accountant told me "If it makes you feel any
better, practically every client I have that has itemized gambling losses is
being audited this year".
EE
[Non-text portions of this message have been removed]
Alan,
Thanks for the tip. I installed the app today. It looks professional and easy to use.
I have an iPhone and carry it with me every waking hour. Probably a good place to keep my diary as I never leave home without it.
Also, I am planning to get a new phone in the Spring. Can you tell me how to transfer the WinLoss data from my current phone to the new one?
Regards,
Marvin
--- In vpFREE@yahoogroups.com, "sandcroftalan" <awalstad@...> wrote:
Marvin,
Congratulations on your wins! A member of my family found themselves in a similar situation last year and had not kept good records of their prior wins and losses. So they decided to create an app for the iPhone that would help with keeping a diary. If you are an iPhone, iPod Touch or iPad user, please visit the iTunes store for a free download of the software:
http://itunes.apple.com/us/app/winloss-slot-players-diary/id408765252?mt=8&ls=1
We are interested feedback on the app, so if you have any suggestions for us, please contact me through vpFREE, email, or our website at: http://www.sandcroft.net/send-winloss-feedback/
Best Regards,
Alan--- In vpFREE@yahoogroups.com, "simpsonmarvin@" <simpsonmarvin@> wrote:
>
> I am new to Video Poker but I had a good year in 2010 and received a couple of W-2G forms.
> The fellow who does my taxes told me I had to pay tax on the total as I have no other records.
>
> I think I am stuck for last year but I have vowed to get religion this year and keep some sort of diary.
>
> What is the best way to do it?
>
> Marvin S
>
Hi Marvin,
Thank you for installing our software, I am glad that you find it easy to use. Data backup/transfer is also easy to do with the app.
You can transfer data by syncing your "old" iPhone with iTunes then restoring the data to your new phone.
As an alternative, WinLoss has it's own backup function which allows you to make additional backups any time and export your data via email. You can then easily import that data using your new iPhone.
You can find the detailed instructions on data backup right in the app. Simply press the "i" button in the lower right of the main data entry screen for information, then select "About Backup Files" in the Data Backup section.
If you have any problems please contact our technical support through our website at http://www.sandcroft.net/contact-support/
Best Regards,
Alan
--- In vpFREE@yahoogroups.com, "simpsonmarvin@..." <simpsonmarvin@...> wrote:
Alan,
Thanks for the tip. I installed the app today. It looks professional and easy to use.
I have an iPhone and carry it with me every waking hour. Probably a good place to keep my diary as I never leave home without it.
Also, I am planning to get a new phone in the Spring. Can you tell me how to transfer the WinLoss data from my current phone to the new one?Regards,
Marvin--- In vpFREE@yahoogroups.com, "sandcroftalan" <awalstad@> wrote:
>
>
>
> Marvin,
>
> Congratulations on your wins! A member of my family found themselves in a similar situation last year and had not kept good records of their prior wins and losses. So they decided to create an app for the iPhone that would help with keeping a diary. If you are an iPhone, iPod Touch or iPad user, please visit the iTunes store for a free download of the software:
>
> http://itunes.apple.com/us/app/winloss-slot-players-diary/id408765252?mt=8&ls=1
>
> We are interested feedback on the app, so if you have any suggestions for us, please contact me through vpFREE, email, or our website at: http://www.sandcroft.net/send-winloss-feedback/
>
> Best Regards,
> Alan
>
>
> --- In vpFREE@yahoogroups.com, "simpsonmarvin@" <simpsonmarvin@> wrote:
> >
> > I am new to Video Poker but I had a good year in 2010 and received a couple of W-2G forms.
> > The fellow who does my taxes told me I had to pay tax on the total as I have no other records.
> >
> > I think I am stuck for last year but I have vowed to get religion this year and keep some sort of diary.
> >
> > What is the best way to do it?
> >
> > Marvin S
> >
>
Alan,
You are right. I feel a little silly as I did not look far enough. It is quite straight forward now that I found the instructions.
I am looking forward to my new phone as soon a my contract runs out. Looks like the data transfer should be easy.
I also found the Statistical Reports you included in the software and am eager to see the results after a couple of trips to our local.
My wife and I have had several discussions as to which games we do best with. Hard numbers should rule the day.
Thanks again for the help.
Marvin
--- In vpFREE@yahoogroups.com, "sandcroftalan" <awalstad@...> wrote:
Hi Marvin,
Thank you for installing our software, I am glad that you find it easy to use. Data backup/transfer is also easy to do with the app.
You can transfer data by syncing your "old" iPhone with iTunes then restoring the data to your new phone.
As an alternative, WinLoss has it's own backup function which allows you to make additional backups any time and export your data via email. You can then easily import that data using your new iPhone.
You can find the detailed instructions on data backup right in the app. Simply press the "i" button in the lower right of the main data entry screen for information, then select "About Backup Files" in the Data Backup section.
If you have any problems please contact our technical support through our website at http://www.sandcroft.net/contact-support/
Best Regards,
Alan--- In vpFREE@yahoogroups.com, "simpsonmarvin@" <simpsonmarvin@> wrote:
>
>
>
> Alan,
>
> Thanks for the tip. I installed the app today. It looks professional and easy to use.
> I have an iPhone and carry it with me every waking hour. Probably a good place to keep my diary as I never leave home without it.
> Also, I am planning to get a new phone in the Spring. Can you tell me how to transfer the WinLoss data from my current phone to the new one?
>
> Regards,
> Marvin
>
>
>
>
>
> --- In vpFREE@yahoogroups.com, "sandcroftalan" <awalstad@> wrote:
> >
> >
> >
> > Marvin,
> >
> > Congratulations on your wins! A member of my family found themselves in a similar situation last year and had not kept good records of their prior wins and losses. So they decided to create an app for the iPhone that would help with keeping a diary. If you are an iPhone, iPod Touch or iPad user, please visit the iTunes store for a free download of the software:
> >
> > http://itunes.apple.com/us/app/winloss-slot-players-diary/id408765252?mt=8&ls=1
> >
> > We are interested feedback on the app, so if you have any suggestions for us, please contact me through vpFREE, email, or our website at: http://www.sandcroft.net/send-winloss-feedback/
> >
> > Best Regards,
> > Alan
> >
> >
> > --- In vpFREE@yahoogroups.com, "simpsonmarvin@" <simpsonmarvin@> wrote:
> > >
> > > I am new to Video Poker but I had a good year in 2010 and received a couple of W-2G forms.
> > > The fellow who does my taxes told me I had to pay tax on the total as I have no other records.
> > >
> > > I think I am stuck for last year but I have vowed to get religion this year and keep some sort of diary.
> > >
> > > What is the best way to do it?
> > >
> > > Marvin S
> > >
> >
>