vpFREE2 Forums

How do you prepare for tax time?

#1

I am wondering what everyone does to prepare themselves for a possible IRS audit.

I keep track of all wins and losses (date and amount).

I either bring cash with me or use markers when I go to play. If I'm up, I pay the markers off at the casino. If I lose the entire marker, I'll let them withdraw it from my account after my 2 week grace period.

I have 7 jackpots (WG-2s) for this year.

I have several thousand dollars in losing lottery tickets from this year.

I have accumulated 60,000 Tier Points at Harrah's Atlantic City (95% are from playing VP). As you probably know, they provide a W/L statement at the end of the year.

Am I prepared for an audit?

If not, what am I missing?

#2

Ted,

When I play at a Caesars casino I do the following:

Record amount in my gambling wallet

Record amount at end of session.

Record machine numbers/games

Next day print summary from the Caesars website.

Record activity on the page - put it in a notebook with all my W2G forms.

If you do not have a diary recording your play you could have an audit problem.

Mike

To: vpFREE@yahoogroups.com
From: ted.troccola@gmail.com
Date: Fri, 4 Nov 2011 15:31:05 +0000
Subject: [vpFREE] How do you prepare for tax time?

I am wondering what everyone does to prepare themselves for a possible IRS audit.

I keep track of all wins and losses (date and amount).

I either bring cash with me or use markers when I go to play. If I'm up, I pay the markers off at the casino. If I lose the entire marker, I'll let them withdraw it from my account after my 2 week grace period.

I have 7 jackpots (WG-2s) for this year.

I have several thousand dollars in losing lottery tickets from this year.

I have accumulated 60,000 Tier Points at Harrah's Atlantic City (95% are from playing VP). As you probably know, they provide a W/L statement at the end of the year.

Am I prepared for an audit?

If not, what am I missing?

------------------------------------

vpFREE Links: http://members.cox.net/vpfree/Links.htm

Yahoo! Groups Links

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

#3

Our taxes are prepared by an enrolled agent who is experienced with preparing returns for gamblers. We take our advice from him. It is well worth the cost, which was less than we thought it would be.

If you are reading the thread "Always play full coin," well,do you really want to take tax advice from some of these folks?

···

> To: vpFREE@yahoogroups.com
> From: ted.troccola@...
> Date: Fri, 4 Nov 2011 15:31:05 +0000
> Subject: [vpFREE] How do you prepare for tax time?
>
> I am wondering what everyone does to prepare themselves for a possible IRS audit.
>
> I keep track of all wins and losses (date and amount).
>
> I either bring cash with me or use markers when I go to play. If I'm up, I pay the markers off at the casino. If I lose the entire marker, I'll let them withdraw it from my account after my 2 week grace period.
>
> I have 7 jackpots (WG-2s) for this year.
>
> I have several thousand dollars in losing lottery tickets from this year.
>
> I have accumulated 60,000 Tier Points at Harrah's Atlantic City (95% are from playing VP). As you probably know, they provide a W/L statement at the end of the year.
>
> Am I prepared for an audit?
>
> If not, what am I missing?
>
>
>
>
> ------------------------------------
>
> vpFREE Links: http://members.cox.net/vpfree/Links.htm
>
> Yahoo! Groups Links
>
>
>
                 
[Non-text portions of this message have been removed]

#4

Regarding the statement:

Next day print summary from the Caesars website.

What am I not "getting" here--what summary and where on the site?

Jean H--

Life is ten percent what you make it
and ninety percent how you take it!

···

From: MIKE LOONEY <M_R_LOONEY@hotmail.com>
To: vpfree@yahoogroups.com
Sent: Saturday, November 5, 2011 10:29 AM
Subject: RE: [vpFREE] How do you prepare for tax time?

Ted,

When I play at a Caesars casino I do the following:

Record amount in my gambling wallet

Record amount at end of session.

Record machine numbers/games

Next day print summary from the Caesars website.

Record activity on the page - put it in a notebook with all my W2G forms.

If you do not have a diary recording your play you could have an audit problem.

Mike

To: vpFREE@yahoogroups.com
From: ted.troccola@gmail.com
Date: Fri, 4 Nov 2011 15:31:05 +0000
Subject: [vpFREE] How do you prepare for tax time?

I am wondering what everyone does to prepare themselves for a possible IRS audit.

I keep track of all wins and losses (date and amount).

I either bring cash with me or use markers when I go to play. If I'm up, I pay the markers off at the casino. If I lose the entire marker, I'll let them withdraw it from my account after my 2 week grace period.

I have 7 jackpots (WG-2s) for this year.

I have several thousand dollars in losing lottery tickets from this year.

I have accumulated 60,000 Tier Points at Harrah's Atlantic City (95% are from playing VP). As you probably know, they provide a W/L statement at the end of the year.

Am I prepared for an audit?

If not, what am I missing?

------------------------------------

vpFREE Links: http://members.cox.net/vpfree/Links.htm

Yahoo! Groups Links

.

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

#5

Go to Caesars.com web site.

Go to your account log in.

Set up a password.

The first screen should shoe your current activity - tier score and reward points.

Print it!

Some times there is a posting delay if you play overnight or there is a promotion.

Keep the pages in a notebook

To: vpFREE@yahoogroups.com
From: kjhaka@yahoo.com
Date: Sat, 5 Nov 2011 16:40:38 -0700
Subject: Re: [vpFREE] How do you prepare for tax time?

Regarding the statement:

Next day print summary from the Caesars website.

What am I not "getting" here--what summary and where on the site?

Jean H--

Life is ten percent what you make it
and ninety percent how you take it!

From: MIKE LOONEY <M_R_LOONEY@hotmail.com>
To: vpfree@yahoogroups.com
Sent: Saturday, November 5, 2011 10:29 AM
Subject: RE: [vpFREE] How do you prepare for tax time?

Ted,

When I play at a Caesars casino I do the following:

Record amount in my gambling wallet

Record amount at end of session.

Record machine numbers/games

Next day print summary from the Caesars website.

Record activity on the page - put it in a notebook with all my W2G forms.

If you do not have a diary recording your play you could have an audit problem.

Mike

> To: vpFREE@yahoogroups.com
> From: ted.troccola@gmail.com
> Date: Fri, 4 Nov 2011 15:31:05 +0000
> Subject: [vpFREE] How do you prepare for tax time?
>
> I am wondering what everyone does to prepare themselves for a possible IRS audit.
>
> I keep track of all wins and losses (date and amount).
>
> I either bring cash with me or use markers when I go to play. If I'm up, I pay the markers off at the casino. If I lose the entire marker, I'll let them withdraw it from my account after my 2 week grace period.
>
> I have 7 jackpots (WG-2s) for this year.
>
> I have several thousand dollars in losing lottery tickets from this year.
>
> I have accumulated 60,000 Tier Points at Harrah's Atlantic City (95% are from playing VP). As you probably know, they provide a W/L statement at the end of the year.
>
> Am I prepared for an audit?
>
> If not, what am I missing?
>
>
>
>
> ------------------------------------
>
> vpFREE Links: http://members.cox.net/vpfree/Links.htm
>
> Yahoo! Groups Links
>
>
>
.

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

------------------------------------

vpFREE Links: http://members.cox.net/vpfree/Links.htm

Yahoo! Groups Links

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