vpFREE2 Forums

TAX Advice Needed

#1

Hi everyone:

Iwould like some help if possible. Besides the date, place with
whom, denomination and hours spent gambling in a day my diary also
has something like the following entry:

Begin End Win/loss W2G Jackpot
$1565 $3079 + $1514 $4000

However, since I put $3000 of my $4000 jackpot directly back into
the same session, shouldn't my diary take this into account,such as
what follows?

Begin End Win/Loss W2G Jackpot
$1565+3000 $3079 - $1486 $4000

Which is the legal and correct way to report how I gambled that day?
Any explanations would be greatly appreciated?
Thanks

#2

However, since I put $3000 of my $4000 jackpot directly back into
the same session, shouldn't my diary take this into account,

I'll take a stab at this.

My diary's numbers include the amounts of the W2Gs.
I call a "session" one day and one game at one casino.
In a VP session, if I have a $4000 W2G but wind up positive
$3000 total, for example, up $3000 is the number I use.
My diary is actually a 2004 appoinment book, with entries by
date, casino, type of game, denom, etc.

In my diary there will be a note of the W2, like there would be
of any "events" of the session, like a $1000 royal, slow handpay,
etc. In the 'other income' column will be the total of all my
winning sessions for the year. The total of all my losing sessions
will be on the deduction schedule.

What I also send is a list of all W2Gs. Without this list the IRS
may just want to add the W2G amount to your winning sessions, which
is wrong.

I don't mean to be a shill, but Jean Scott's TAX book is pretty
helpful. The average accountant or tax preparer is unknowledgable
to outright wrong in this area. Educate yourself.

Dick

#3

What is the name of Jean Scott's tax book, and where can I order it
(for the best price) online? I believe Bob Dancer recommended her
book at a seminar I went to at the Borgata.

--- In vpFREE_NewEngland@yahoogroups.com, "rcwkent" <rcwkent@y...>
wrote:

ยทยทยท

>
> However, since I put $3000 of my $4000 jackpot directly back into
> the same session, shouldn't my diary take this into account,

I'll take a stab at this.

My diary's numbers include the amounts of the W2Gs.
I call a "session" one day and one game at one casino.
In a VP session, if I have a $4000 W2G but wind up positive
$3000 total, for example, up $3000 is the number I use.
My diary is actually a 2004 appoinment book, with entries by
date, casino, type of game, denom, etc.

In my diary there will be a note of the W2, like there would be
of any "events" of the session, like a $1000 royal, slow handpay,
etc. In the 'other income' column will be the total of all my
winning sessions for the year. The total of all my losing sessions
will be on the deduction schedule.

What I also send is a list of all W2Gs. Without this list the IRS
may just want to add the W2G amount to your winning sessions, which
is wrong.

I don't mean to be a shill, but Jean Scott's TAX book is pretty
helpful. The average accountant or tax preparer is unknowledgable
to outright wrong in this area. Educate yourself.

Dick