LVA Question of the Day - 4 OCT 2007

[vpFae1]

Q: You mentioned in a previous QoD that we can deduct our
gambling losses on our taxes up to the amount we won. So
I'd like to know how we can prove our losses.

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegasadvisor.com/qod.cfm">
http://www.lasvegasadvisor.com/qod.cfm</a>

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[npf15251]

I try to write a complete summary of my trip as soon afterward as
possible. Making daily notes during your trip is ideal. I clip
together ATM receipts or check nembers and amounts if cashed.

You'd be surprised how only a week later you'll be scratching your
head, wondering "Did I hit that jackpot on this last trip?",
or, "When did I go to the ATM?". For me, it is very difficult to try
to reconstruct a trip if much time has passed.

One other point. A major issue of posts is concern about "slot days".
Members don't want their play to be counted as a trip if they stop by
a casino briefly, as it will mess up their average.

But there is a downside to this approach. On my last trip
I "intended" to play briefly across the street from where I was
staying. I did not insert my card and ended up staying an hour and
losing over $1500. I can still document my loss, but it would help
for IRS purposes to have the casino win/loss statement reflect that
day. And since the casino doesn't "know" I was there they have no
slot club evidence of my loss. You end up losing more than your money
AND the comps you would have earned by trying to protect your average.

···

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

Q: You mentioned in a previous QoD that we can deduct our
gambling losses on our taxes up to the amount we won. So
I'd like to know how we can prove our losses.

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegasadvisor.com/qod.cfm">
http://www.lasvegasadvisor.com/qod.cfm</a>

[jim_becker]

the other side of not playing with your card in, is that if you win
(without hitting a w2g), that is not documented and will offset the
times you lose without having your card in. Hopefully this is really
not much of your play and they will offset each other equally.
Personally I just dont play if I am 'only going to play a little'.

···

--- In vpFREE@yahoogroups.com, "npf15251" <npf15251@...> wrote:

One other point. A major issue of posts is concern about "slot days".
Members don't want their play to be counted as a trip if they stop by
a casino briefly, as it will mess up their average.

But there is a downside to this approach. On my last trip
I "intended" to play briefly across the street from where I was
staying. I did not insert my card and ended up staying an hour and
losing over $1500. I can still document my loss, but it would help
for IRS purposes to have the casino win/loss statement reflect that
day. And since the casino doesn't "know" I was there they have no
slot club evidence of my loss. You end up losing more than your money
AND the comps you would have earned by trying to protect your average.

[npf15251]

And neither do I. But it was a hot day and I got comfortable. And, as
you say, on other occasions it has worked out the other way in my
favor.

Another downside to my mistake was the shopping points I would have
added to my account. MGM-Mirage, Harrahs properties and Venetian are
all counting play towards their shopping events.

The casino where I "anonymously" played that day was a property where
I have a good rating, i.e. food and beverage level. I understand the
logic of my not playing with the card. But with "20-20 hindsight" I
either should have "saved" that play for a time when I was actually
staying there or not bothered at all.

···

--- In vpFREE@yahoogroups.com, "jimnkelli" <jbecker11@...> wrote:

the other side of not playing with your card in, is that if you win
(without hitting a w2g), that is not documented and will offset the
times you lose without having your card in. Hopefully this is really
not much of your play and they will offset each other equally.
Personally I just dont play if I am 'only going to play a little'.