My question is, If Win/Loss statements aren't worth the paper you print them on then why do the casinos waste there time and resources to generate them for players?
Why wouldn't they be accepted for proof? They clearly show the results of your play. The casinos I play at include the hand pays. They also include every little win and loss back and forth while you play in there tally. I can only imagine how few hands per hour I could play and how unentertaining playing would be if I had to stop and write down the results of every hand played.
Won/Loss Statement
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You are correct. I suspect and again it is just a guess that the Irs realizes unless one hits gigantic jackpots, it is nearly impossible to win long term. I do ‘t know for sure, but if a casino has detailed records of all coin and coin out, that would be the most accurate information. The IRS record keepibg requirements are clearly spelled out in their publications. What I don’t know is the extent they require all of those or if they would accept exact figures from casino records.
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That is the real problem with casino hand pays. As I get ready to do my 2019 taxes, I think back to 2018 where I had hand pays/promo pays of more then 50k. Yet my log says I was up $11,800 for the year. I would love to play taxes on the 11.8k but have to pay state and federal on the 50k plus I made. No write off for state at all.stevel96a1 wrote: ↑Wed Feb 19, 2020 2:22 pmi still cant wrap my mind around how someone can win 2 grand twice lose all of it and owe taxes on it by april 15th =/
As for the coin in/coin out statement, I have known someone that got a snail mail for proof of loss and the IRS accepted the casino coin in/coin out statement.
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Hand pay is still very much a theoretical concept.
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Hand pays don't necessarily equate with W2Gs. At one of our local casinos we got hand pays for all jackpots regardless of whether a W2G was required. Haven't been there for years so I can't say whether they do it.
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I have been to casinos where all jackpots over $500 are hand paid. The machine locks with "Call Attendant" and you wait to get paid. I have never received a W2-G unless the jackpot was $1,200 or more.
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Ditto
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I do not share Phil's outlook on handpays. From today.The royal hit first, followed by the AWAK x2, followed by the dealt 6's, finally the last AWAK. I also hit quad 4's with a kicker twice and aces without a kicker 3 times. [attachment=4]3-8-20-1.jpg[/attachment
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Pretty nice day's work!