vpFREE2 Forums

TAX Advice Needed

#1

Hi everyone,
I'd like to pose a question about entries in my diary.
Besides the usual, date, place, with whom, denomination played and
hours played, the rest of my diary reads like the following example:

Begin End Win /Loss W2G Jackpot

$1565 $3079 + $1514 $4000

Since, during that session, I put $3000 of the $4000 jackpot into
play, shouldn't my diary take this into account and look like the
following?

Begin End Win/Loss W2G Jackpot

$1565+$3000 $3079 - $1486 4000

Which is the legal and correct way that best describes how I gambled
that day? If you can explain why, so much the better.
Thanks for your help.

#2

I'm no CPA but it seems if you walk into a casino with $1565 and walk out
with $3079 it would take some pretty creative accounting to claim you lost
$1486. But what the heck, give it a try maybe you will have more luck that
Bernard Ebbers.

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-----Original Message-----
From: peelaneat25 [mailto:bhor…@…net]
Sent: Tuesday, March 15, 2005 5:06 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] TAX Advice Needed

Hi everyone,
I'd like to pose a question about entries in my diary.
Besides the usual, date, place, with whom, denomination played and
hours played, the rest of my diary reads like the following example:

Begin End Win /Loss W2G Jackpot

$1565 $3079 + $1514 $4000

Since, during that session, I put $3000 of the $4000 jackpot into
play, shouldn't my diary take this into account and look like the
following?

Begin End Win/Loss W2G Jackpot

$1565+$3000 $3079 - $1486 4000

Which is the legal and correct way that best describes how I gambled
that day? If you can explain why, so much the better.
Thanks for your help.

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#3

hours played, the rest of my diary reads like the following example:

···

--- In vpFREE@yahoogroups.com, "peelaneat25" <bhorgan@c...> wrote:

Begin End Win /Loss W2G Jackpot

$1565 $3079 + $1514 $4000

===============================

This entry is GOOD! The fact that you got a W2G is not important to
you until you have to list it on your taxes at the end of the year.
What is important is that you had a net win of +1514.

If you never gambled another dime before or after that session you'd
subtract that $1,514 from the $4,000 to get a loss of $2,486 to
write off against that $4,000 that will be listed as other income.

#4

Your first entry is correct. A gambling session has a start point
of either zero or your current bankroll and an ending bankroll
amount. Your win or loss for the session is just the difference
between the start and the end and it doesn't matter how high or low
you are in between.

Congrats on keeping a diary! Does anyone else see the irony in
considering a diary as documentation for the IRS. Anyone can put
anything they want into a diary. Almost every monetary transaction
of significance for tax purposes requires "verifiable"
documentation. Obviously, the wins and losses in a diary are
not "verifiable" except for the W2 payoffs. Just another example of
how crazy the gambling tax situation is. The yearly win/loss
statements from the casinos should be the only necessary
documentation.

Chris

Hi everyone,
I'd like to pose a question about entries in my diary.
Besides the usual, date, place, with whom, denomination played and
hours played, the rest of my diary reads like the following

example:

Begin End Win /Loss W2G Jackpot

$1565 $3079 + $1514 $4000

Since, during that session, I put $3000 of the $4000 jackpot into
play, shouldn't my diary take this into account and look like the
following?

Begin End Win/Loss W2G Jackpot

$1565+$3000 $3079 - $1486 4000

Which is the legal and correct way that best describes how I

gambled

···

--- In vpFREE@yahoogroups.com, "peelaneat25" <bhorgan@c...> wrote:

that day? If you can explain why, so much the better.
Thanks for your help.

#5

Your first entry is correct. A gambling session has a start point
of either zero or your current bankroll and an ending bankroll
amount. Your win or loss for the session is just the difference
between the start and the end and it doesn't matter how high or
low you are in between.

snip

Obviously, the wins and losses in a diary are
not "verifiable" except for the W2 payoffs. Just another example
of how crazy the gambling tax situation is. The yearly win/loss
statements from the casinos should be the only necessary
documentation.

Chris

The only problem with the win/loss statements is that they are not
all ways right. Mine from the BC did not show a $4000 jackpot, and
one from the GC is missing one for $1600.

Jacob

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In vpFREE@yahoogroups.com, "kcace1024" <cy4873@h...> wrote: