In a message dated 11/21/2003 6:46:32 PM Eastern Standard Time, dds6@cox.net
writes:
Gaming losses, up to the amount of gaming wins, are deductable.
Anyone have ideas on keeping track of wins/losses & especially being able to
prove those losses to the tax man?
Liz
[Non-text portions of this message have been removed]
Most of the casinos that I'm familiar with will send you that year's
record(between 1/1 and 4/15 at least), upon request. They're aware
of what your total +/- is IF you've used your slot card for ALL your
play there. Obviously, they're not as closely aware of your tally's
at table games(card swipe games excepted), but any slot/VP play is
tallied in all it's glorious(or not-so-glorious) detail.
Just to clarify tho: Gambling losses themselves are NOT deductable!
They ONLY matter in the event of a big win(s) sometime during a
particular calendar year.
For example: Say you win $1,500 and fill out a W2-G on a casino trip
in March. But you do TERRIBLY the rest of the year and finish in the
red overall. You'd want the record for that year to prove that your
net was a loss, thus the $1,500 isn't taxable(or at least isn't as
taxable if you hadn't later lost it and more).
Or, suppose you won that same $1,500 in March, still finished ahead
for the year, but by LESS than $1,500. Suppose you "only" finished
$800 up. In that case, you'd want the record to prove that only that
$800 is taxable.
But, other than that, gambling losses are NOT taxable! If they were,
we'd ALL be gamblers, cuz who wouldn't rather pay the money to Mr.
Trump(or whomever) - knowing there's always a chance they'd win some
or all or more than all of it back - than pay Uncle Sam?
<VBG>
In a message dated 11/21/2003 6:46:32 PM Eastern Standard Time,
dds6@c...
writes:
Gaming losses, up to the amount of gaming wins, are deductable.Anyone have ideas on keeping track of wins/losses & especially
being able to
--- In vpFREE@yahoogroups.com, LizKremp@a... wrote:
prove those losses to the tax man?
Liz
[Non-text portions of this message have been removed]
Horsefeathers - some get it right, most do not. And the IRS knows this, which
is precisely why they will not accept casino W/L statements except as
supplements to your own records; that is, a daily log. \
Some casinos are notoriously inaccurate. I keep meticulous records and have found
some year-end Win/Loss statements to be extraordinarily wrong. Then, there
are those (like IP, for instance) that will only give you your "approximate coin-in"
figure along with a statement that their "machines are pre-set to win an average
of 3% - 10%" of coin-in.
Take the time (very little actually) to keep accurate records. Then, you'll know
for certain just what the bottom line results are. These detailed records just might
also have the additional salutary effect of convincing disbelievers of just how important
it is to confine your play to positive expectation vp machines. A long-term history of
results at foolish games such as 9/6 DDB might prove eye-opening.
Pete
--- In vpFREE@yahoogroups.com, "Jeff" <punnybone@y...> wrote:
Most of the casinos (are) aware of what your total +/- is IF you've used your slot
card for ALL your play there.
Although the IRS claims they will accept W/L statements only as supplemental
records and the law requires a contemporaneous log, I have heard countless
stories where the IRS has accepted W/L statements as primary records. I
always advocate keeping logs but this is really a gray area with the IRS
depending on who the auditor is.
-----Original Message-----
From: paisonvp [mailto:pai…@…org]
Sent: Saturday, November 22, 2003 6:02 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: W2-G's: Time to raise the $1200 threshold limit
--- In vpFREE@yahoogroups.com, "Jeff" <punnybone@y...> wrote:
Most of the casinos (are) aware of what your total +/- is IF you've used
your slot
card for ALL your play there.
Horsefeathers - some get it right, most do not. And the IRS knows this,
which
is precisely why they will not accept casino W/L statements except as
supplements to your own records; that is, a daily log. \
Some casinos are notoriously inaccurate. I keep meticulous records and have
found
some year-end Win/Loss statements to be extraordinarily wrong. Then, there
are those (like IP, for instance) that will only give you your "approximate
coin-in"
figure along with a statement that their "machines are pre-set to win an
average
of 3% - 10%" of coin-in.
Take the time (very little actually) to keep accurate records. Then, you'll
know
for certain just what the bottom line results are. These detailed records
just might
also have the additional salutary effect of convincing disbelievers of just
how important
it is to confine your play to positive expectation vp machines. A long-term
history of
results at foolish games such as 9/6 DDB might prove eye-opening.
Pete
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