It's never too soon to think about paying taxes on jackpots
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New PLAYER'S EDGE Column
This "recording your sessions" is ridiculous. What is the definition of a "session"?
Lets see, every time I stick a $100 in a machine? The rules actually suggest documenting the
time, location, demon, machine number, etc. Riiiiight.
This is ridiculous, and despite what I keep reading, I seriously doubt the majority of players
having anything close to what the IRS would accept.
The purpose of this vague confusing regs is similar to other IRS regs. It provides
opportunity to deny your loss deduction.
As popular as gaming in general has become, I am surprised their no pressure to simply or
···
at least update the IRS Regs. vpFREE <vpFREE@Cox.net> wrote:
It's never too soon to think about paying taxes on jackpots
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This is exactly what I do. It only takes a few seconds unless you
have to hunt for the machine number.
Well, I've been called worse things than ridiculous, I guess....
carlos
This "recording your sessions" is ridiculous. What is the
definition of a "session"?
Lets see, every time I stick a $100 in a machine? The rules
actually suggest documenting the
···
--- In vpFREE@yahoogroups.com, Nelson Jackson <nelson8300@y...> wrote:
time, location, demon, machine number, etc. Riiiiight.
This is ridiculous... [etc]
Nelson Jackson wrote:
This "recording your sessions" is ridiculous ... and despite what I
keep reading, I seriously doubt the majority of players having
anything close to what the IRS would accept.
No doubt you're right on the second count. But a player who averages
$6000 or so in W2-G's each year is likely to be far less concerned
than a very active $1 & up player who may aggregate $50K+ in reported
wins.
Frankly, the record keeping outlined isn't overly onerous.
Personally, I make a brief entry in a play log for each machine played
... both as a precaution and as a personal record.
- Harry
No personal slight intended. I was complaining about the way the IRS regs are written.
And the fact that if the IRS wants to find fault with most people session logs, they will.
This is exactly what I do. It only takes a few seconds unless you
have to hunt for the machine number.
Well, I've been called worse things than ridiculous, I guess....
carlos
This "recording your sessions" is ridiculous. What is the
definition of a "session"?
Lets see, every time I stick a $100 in a machine? The rules
actually suggest documenting the
time, location, demon, machine number, etc. Riiiiight.
This is ridiculous... [etc]
vpFREE Links: http://members.cox.net/vpfree/Links.htm
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···
calebr0n <calebr0n@yahoo.com> wrote:
--- In vpFREE@yahoogroups.com, Nelson Jackson <nelson8300@y...> wrote:
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