In a message dated 4/12/08 11:30:24 PM, queenofcomps@cox.net writes:
What I have done over the years is to "break out"
every W-2G "event"
as a session unto itself, since your machine usually "freezes" for
a "hand-pay" anyway.I write down all numbers, ending the "old" session at
the "event",
create the "W-2G" session, and then start a "new" session. Yes, it is very
"Rube Goldberg", but it clearly and uniquely
identifies every W-2G event in my log. Knock on wood, but I have not been
audited (yet).>> >>
I concur with Jean that the exact amount of your given W-2G must coincide
with your log, ledger. On a given day , I don't necessarily stop my session but
rather extract the info for that one event only. At the end of the session ,
for example, I may "net" $3645 on a day I happened to get a $4000 RF. In my
log I have the particulars for the Royal: 1 hand, $4000, tip, property,
mach#,date etc.
On the very next line, I list that same property, machine #, date, etc but
the session net at minus (-) $355.
I have had paper audits (discussions) with the IRS and they like to see that
exact amount to match against their W-2G. As an attachment to my Sch C, I
summarize my five most active properties and add a misc. The W-2s, 1099's are
listed under "Jackpots" .By extracting out the RF's, A's at the W-2G level , it
always makes my regular play summaries of Total Wins less than Total Losses.
Once you add in the
"Jackpots" and coupons/cashback/bounceback, the profit emerges.
Truthfully, though, I feel that as long as you declare a profit and pay the
self-employed tax. there is little scrutiny of the particulars that got you
there. Afterall, you're paying!
On those few years where you were almost even or lost and have a mound of W-2
receipts, your log and the casino yearly letters of the win/loss may be
called for review.
On that note, let's all try to stay "in the black" and avoid audits.
Anteroz
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