Need help with win/loss statement

[BOOPSAHOY]

I am a little confused with my win/loss statement.

 
Using hypothetical numbers-
 
My win/loss statement from the casino says -$25,000, my WW2G say winnings of $100,000. Does this mean I won $100,000 and put back $125,000 for a total loss of $25,000?
 
My accountant thinks that the statement means I won $100,000 and lost $25,000 so I owe taxes on $75,000.
 
Can anyone clarify this?
 
 
 
 

[faygo]

The win/loss statements I get from the Hilton always show net numbers. They also spell out what the numbers mean. The one I got from your favorite Casino is right on the money. I lost x and Tanqueray won x. Since I know the numbers are exactly what I had recorded, I believe your accountent needs to do some homework.

[BOOPSAHOY]

The win/loss statements I get from the Hilton always show net numbers. They also spell out what the numbers mean. The one I got from your favorite Casino is right on the money. I lost x and Tanqueray won x. Since I know the numbers are exactly what I had recorded, I believe your accountent needs to do some homework.

 
My statement just says win/loss -25,000- the accountant is trying to tell me that I "WON" 75,000 (100000-25000=75000) I offered to show him that theres no money hiding in my mattress and that I lost back 125000 for a TOTAL win of -25000.....

[faygo]

[QUOTE=faygo]The win/loss statements I get from the Hilton always show net numbers. They also spell out what the numbers mean. The one I got from your favorite Casino is right on the money. I lost x and Tanqueray won x. Since I know the numbers are exactly what I had recorded, I believe your accountent needs to do some homework.

 
My statement just says win/loss -25,000- the accountant is trying to tell me that I "WON" 75,000 (100000-25000=75000) I offered to show him that theres no money hiding in my mattress and that I lost back 125000 for a TOTAL win of -25000.....[/QUOTE]
 
Find another accountant or have him call the Cashier at the Casino and have them explain it to him. Wondering how he transposes a negative number to a positive one and then adds back in 50k?
 
Boops I just went and looked at the statement I got from the TAJ it states quite plainly that a negative number indicates a customer loss. The only W2G not included would be one from a win on a multi casino progressive. 

[BOOPSAHOY]

[QUOTE=BOOPSAHOY][QUOTE=faygo]The win/loss statements I get from the Hilton always show net numbers. They also spell out what the numbers mean. The one I got from your favorite Casino is right on the money. I lost x and Tanqueray won x. Since I know the numbers are exactly what I had recorded, I believe your accountent needs to do some homework.

 
My statement just says win/loss -25,000- the accountant is trying to tell me that I "WON" 75,000 (100000-25000=75000) I offered to show him that theres no money hiding in my mattress and that I lost back 125000 for a TOTAL win of -25000.....[/QUOTE]
 
Find another accountant or have him call the Cashier at the Casino and have them explain it to him. Wondering how he transposes a negative number to a positive one and then adds back in 50k?
 
Boops I just went and looked at the statement I got from the TAJ it states quite plainly that a negative number indicates a customer loss. The only W2G not included would be one from a win on a multi casino progressive. [/QUOTE]

Thanks again Faygo-I just spoke to my host and she confirmed it!

[damule]

Also Boops a good idea for players such as yourself that receive many W2-G's each year is to keep a session log of all play as well as a withdrawal/deposit log even if you're withdrawing and depositing into a vault in your house. This way if you're ever audited by the bozos at IRS, who usually know as much about win/loss statements as your accountant, you will have rock clad proof that the 100k in winnings was far surpassed by losses which can be written off to the amount equal to your winnings.

 
Also, not to put accountants out of business, I highly recommend a do-it-yourself program to file taxes. I've been using Turbo Tax Home and Business for the past 4-5 years and it's practically idiot-proof. As long as you keep good records and receipts you can easily file your own taxes and not worry about the knowledge of the part-timer working at the local H and R Block tax-time pop-up storefront.

[JIMDUECE`SWILD]

Can Marker receipts be use as a back-up proof of loss along with winn/loss statements.
Is Jean`s Smart & Marrisa Chien booked on Taxes and gambling good ?

[BOOPSAHOY]

Thanks Damule-we graduated to dollars from quarters last year so the numbers were crazy. This year Im going to keep good records-unfortunately if the IRS audits us this year I dont have anything except atm withdrawal slips. So fingers crossed that they wont!
Edited to say-Ive been using this accounting firm for 20 years and the same accountant for about 10...I just think they have no experience with gamblers!

[faygo]

damule, I think Boops should just punch her accountant in the face.

[damule]

damule, I think Boops should just punch her accountant in the face.

 
That's the soundest advise I've heard all day !