IRS and Win/Loss Statements

[backsider]

Im considered a graduating novice on this subject, but man, there sure are some UNINFORMED AND CONFUSED PEOPLE there are in this world. Even a doofus like me knows how obvious some of these things are!

[Eduardo]

Wait a minute,  which institution gave you a grade high enough to graduate in this subject?

[BillyJoe]

  billy joe what I would then suggest is that you deposit a certain amount of money into the casino cage before you head to play. Once you get to the casino you can then withdraw the funds from the casino cage and play. If you have any winnings that are under the reportable amount then you hang on to that money and take it home with you. When you get the withdrawal paperwork from the casino cage you could add these to your journal.
 
  I'm adding this: I know this will work when you are traveling to Las Vegas but I have never tried it at my local casinos. 
I actually do this, Ted, if I get a big win when on a trip. I will deposit the jackpot money with the casino in lieu of a hand-pay, withdraw as needed to play, and then (hopefully) take the rest home as a check when I leave.
The reason that I do not like to deposit ahead of time in any one casino is portability. For example, in Vegas, I may want to play at Caesars, Bellagio, Harrah's, Mirage and Aria. I can take my Travelers Cheques to any cage to get gaming money when I need it. If all my gaming money was deposited at say Caesars for a Vegas trip, then I would have to either play just there, or go to their cage for money to go elsewhere to play. Also, if I am lucky enough to win early,  I just keep the Travelers Cheques until the next trip.

[BillyJoe]

Don't feel like the Lone Ranger I got the same thing for 2010, I use a VIP card for withdrawls at the casino so they show up on my bank statement, I also kept a journal that showed the date, location and how much I won or lost. As far as playing video poker goes 2010 was probably my worst year ever, I played at 2 different casinos and it was like night and day as far as my results go, I finished ahead a pretty decent amount at one casino and got my butt handed to me at the other. In 2011 and thus far in 2012 it's the exact opposite I'm ahead at one casino and getting tore up at the other.
Thanks for the post, Ko King. You need to get both your casinos going in a positive direction.
 
This is what I do not understand, though, about the IRS and a hand-kept ledger. I know that the Win/Loss Statement from the casinos may not be accurate if I didn't use my card to play all the time, but at least I cannot forge the entries on that statement. In a ledger, I can write anything I want, right? Why would the IRS ever think that the ledger is better evidence of gaming activity?

[Quad Deuces]

Because as much as they don't like to do so, the parasites have to trust you unless there's evidence to the contrary.  They should be happy to be getting any cooperation at all.That said, it would be helpful if your ledger generally painted the same picture as the W-2G's, 1099s, and to a lesser extent, your win/loss statements should you choose to provide them.

[ko king]

I can't keep up with my players card, I've probably lost 50 of the things during the years I've played. At one time I had one of those deals that attaches to my card then you clip it to your shirt but I couldn't keep up with it either. It's a lot easier for me to keep a small pocket size ledger in my shirt pocket than to keep up a players card. I've only had a couple of years I actually came out a little ahead playing vp and that was when I didn't play near as much. The last few years I've gave up on winning and it's become more of a struggle to control losses, if I didn't enjoy playing so much I'd quit. I guess as far as a ledger goes you could write down almost anything, but how would you really know how you did. I'd love to know if it's even possible to come out ahead playing vp with pay tables of 97.87% and 98.98% when you play as much as I do. 

[backsider]

Wait a minute,  which institution gave you a grade high enough to graduate in this subject?


The University of Chihuahua. The grade came with dived green chilies and a can of vegetarian refried beans.

So nice to see you aroused by me again. We should meet up and have a wheelchair race. I have my handicap, you have yours.

[BillyJoe]

Because as much as they don't like to do so, the parasites have to trust you unless there's evidence to the contrary.  They should be happy to be getting any cooperation at all.

That said, it would be helpful if your ledger generally painted the same picture as the W-2G's, 1099s, and to a lesser extent, your win/loss statements should you choose to provide them.
Only if IRS asks for a ledger, Quad. Sent them my W/L statements. Awaiting a reply.  

[Tedlark]

Im considered a graduating novice on this subject, but man, there sure are some UNINFORMED AND CONFUSED PEOPLE there are in this world. Even a doofus like me knows how obvious some of these things are!
   Am I the only one who read this post several times, even slowing down each time, trying to make grammatical sense of it?    Eduardo how much do you charge for those aluminum hats and do you make them in the shape of a sombrerro or a football helmet?

[Quad Deuces]

Sorry.  It should go without saying that you give them NOTHING they don't specifically ask for.  And even if they ask for it, one doesn't necessarily have it. ;)And if they're just requesting information and haven't actually opened an examination, I don't know that I'd send them squat.