Most impt thing is to report all W2g's (handpays) reported to IRS by casinos- or their computers will automatically pickup a discrepancy.
'Gamblers frequently rely upon myths, urban legends and bad tax advice when it comes time to prepare their individual income tax returns.'
MYTH #3: I can use a win/loss statement from the Casino to prove my gambling losses.
TRUTH: Wrong! The IRS consistently disallows such win/loss statements from Casinos since they frequently report the amount of wins or losses as a “net” amount. (Remember, wins are reported on Page 1 of IRS Form 1040 and losses are reported on IRS Schedule A.) Furthermore, the win/loss statements frequently include language stating that they are merely “estimates” and should not be relied upon.'
http://www.ladyluckdiary.com/the-myths/
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IRS Revenue Procedure 77-29
by UNCLE SAM on AUGUST 31, 2010
SECTION 3. PROCEDURES.
An accurate diary or similar record regularly maintained by the taxpayer, supplemented by verifiable documentation will usually be acceptable evidence for substantiation of wagering winnings and losses. In general, the diary should contain at least the following information:
Date and type of specific wager or wagering activity;
Name of gambling establishment;
Address or location of gambling establishment;
Name(s) of other person(s) (if any) present with taxpayer at gambling establishment; and
Amount(s) won or lost.
Verifiable documentation for gambling transactions includes but is not limited to Forms, W-2G; Forms 5754, Statement by Person Receiving Gambling Winnings; wagering tickets, canceled checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to the taxpayer by the gambling establishment.
Where possible, the diary and available documentation generated with the placement and settlement of a wager should be further supported by other documentation of the taxpayer’s wagering activity or visit to a gambling establishment. Such documentation includes, but is not limited to, hotel bills, airline tickets, gasoline credit cards, canceled checks, credit records, bank deposits, and bank withdrawals.
Additional supporting evidence could also include affidavits or testimony from responsible gambling officials regarding wagering activity.
http://www.ladyluckdiary.com/irs-information/irs-revenue-procedure-77-29/
MYTH #3: I can use a win/loss statement from the Casino to prove my gambling losses.
TRUTH: Wrong! The IRS consistently disallows such win/loss statements
Can I use a casino win/loss statement,to show my losses? Absolutely, just make sure it includes all wins and losses separately and is not a combined number. You should show your gambling winnings as income and then your gambling losses as an itemized deduction, if you qualify. Welcome to Riverwind Casino, the OKC metro's number ONE destination for food, entertainment and winning for more than a decade. Es posible ganar al blackjack online.
The point of percentage betting is to assure your bankroll last through your whole trip, so you never have to replenish.What Is a Bankroll?“Bankroll” is not defined as your entire bank account. This limits the amount of your stake you lose on any given session, keeping you playing for longer throughout your vacation. It is a given that people go to the ATM machine or credit card when they lose their whole bankroll — which means you spend more than you intended. https://ninpublic.netlify.app/best-odds-of-winning-on-slot-machines.html.
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WIN/LOSS STATEMENT OR W2G TAX FORM. To request a Win/Loss Statement or W2G Tax Form, click below, print out the request form, and mail to: River Spirit Casino PO Box 700833 Tulsa, OK. W2G TAX FORM. WIN/LOSS STATEMENT. Winners Choice Tuesdays. Grand Finale Thursdays. Rock Creek Grill Bottomless Catfish.
It's a 'myth' to say that the IRS does anything 'consistently' where gambling is concerned. The one time I've dealt with IRS auditors, I provided a detailed contemporaneously-recorded daily diary, and they wanted to know where my casino won/loss statements were. They did eventually accept my documentation, but if I'd been able to provide won/loss statements it would have been useful. (I wasn't, as one of the two tiny casinos where most of my action occurred that year (over 500 W2G's totalling around a million) had no player tracking at all.)
Get and keep everything you can, who the hell knows what will satisfy the bozo who happens to look at your particular case.
The IRS didn't want to accept them because they were afraid players weren't using their players card or pulled it out of the machine to create losses. For the most part these days pulling your card doesn't work because the information is recorded on the last played hand whether you pull your card or not. In addition it would be stupid to play without a card as you cost yourself comp points and cash back. The IRS should accept the win/loss statements provided the casinos you claim you lost the money on your logs have player tracking cards.
River Spirit Casino Win Loss Statement Form
I can tell you it works on electronic roulette or craps.That's because the outcome has to be 'read' by the computer and there is a delay, (approximately 2-4 seconds) where the machine freezes to log the outcome and then compute wins and losses at each seat.
If you glare at the dice and yank your card out as soon as you determine you are a winner you will keep the action from being recorded. At least, that is true of the casinos I have played and tried it on.
I did some tests where I simulated losses and simulated wins to see if I could get better comps and for the most part it works. However, I would not suggest doing that since it looks suspicious to the eye in the sky. You might get away with it in Craps if you simulate a loss on seven outs (you only sporadically remove your card then.)
I can tell you it works on electronic roulette or craps.
That's because the outcome has to be 'read' by the computer and there is a delay, (approximately 2-4 seconds) where the machine freezes to log the outcome and then compute wins and losses at each seat.
If you glare at the dice and yank your card out as soon as you determine you are a winner you will keep the action from being recorded. At least, that is true of the casinos I have played and tried it on.
I did some tests where I simulated losses and simulated wins to see if I could get better comps and for the most part it works. However, I would not suggest doing that since it looks suspicious to the eye in the sky. You might get away with it in Craps if you simulate a loss on seven outs (you only sporadically remove your card then.)[/q
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