Players cards, win loss statements, taxes

[marie meijer]

The advantages of using a players card every time we enter a casino are obvious: there might be rewards of free play, cash, gifts, comps, food, rooms, concerts and plush mailed offers  I know I want to pay all the taxes I can possibly pay as it's the honest, right, American thing to do and helps the state and federal economy!SO, that said, here are two hypothetical situations. I have heard that one might want to pull out that players card when expecting/hoping for a big hit. Two obvious examples: dealt three deuces or foyal. Then when those quad deuces or a royal materialize, that hit would not appear on one's win loss statement, without that players card to record those hits on one's record.Today, the player next to me provided the other related situation. IF you hit the quad deuces or royal on the draw or are dealt them in the first place, or another lucky big paying hand,  PULL that players card and play about three more hands. Do not jump up and cash out immediately after the big hit. This way, your hit is not included on your win loss statement because there is no card in place to record your hit. A casino employee had clued this player in on this aspect. Do YOU agree or disagree and why? Any other tips re player's cards and win loss statements?FYI:  Three casinos required a notary public signature to get my win loss statements, unless I appeared at that distant casino in person. Two local mailing stores charge $5 and $10 for a notary signature (renewable at ten year intervals). However, our large banking institution charges no fee for bank members for that signature. Once, a local real estate office provided a free notary signature. How I wish casinos would not require that notary public signature for their win loss statements! I would prefer to play at casinos that are more player friendly!

[damule]

Many of the newer card readers will still record your play after the players card is removed once the session is in progress. Play will continue to be read on that player's account until the session is cashed out, even if a different player's card is inserted. So, removing the player's card in anticipation of a large hit is useless in most cases.

[BillyJoe]

I agree with Mule. Although I do not know, or have seen, the programming, I have been told by many casino personnel that the record of the card in play is kept at least throughout a hand. Pulling the card before the draw would not effect the stats.
With regard to needing a notary, where the heck are you playing, MM ? The only time I needed a notary for a P/L casino statement was for NCL cruise lines. All other casinos, like Caesars/Harrahs and MGM, have an online request form.

[marie meijer]

Mule and billy, Tks for your input. Michigan's Native American casinos: Soaring Eagle at Mt Pleasant and newish Gun Lake casino about 20 miles S of Grand Rapids and ODAWA casino at Petoskey require notary public signature on request form for win loss statement. Their forms are on line. I put this notary request under the royal pain category! I am looking under stones for losses to offset wins for last year. I do make notations on a calendar reserved for casino trip records, usually. MGM automatically, kindly sends out my win loss statement per my request in a previous year. 

[edog743]

Marie most if not all tribal casinos have a notary on site. They are providing a service to the customer make a request at the casino to use their notary. Do not let them charge you for it either.

[backsider]

I dont see the concern. I read on vpFree that the IRS doesnt give a hoot about or recognize those casino provided statements because they dont know if you have always played with a slot card in the reader. I just claim losses up to the amount of w2gs I get, whether Ive had a winning year or not, and I doctor up my casino log as required in order to match the claim. Just like everyone else does, only I admit it.

[marie meijer]

edog and backsider, tks for your comments.edog: two casinos are 150 miles from me and the third about 300 miles and not on my agenda to visit any time soon. Their forms require a notary signature on the form I downloaded off the net, IF I cannot deliver the form in person. I hoped the free bank notary info might help others. This is the first year I have seen the notary requirement anywhere and sure hope this is not the beginning of other casinos following suit. backsider: I was under the impression that in the event of an audit, win loss statements would help substantiate my claim of losses.

[backsider]

Marie, The discussion I read said they dont hold water with the tax people because of the reason I gave.

[Lucky Larry]

marie,
We had the same issue this year. Hard Rock Tulsa (a stop on a trip) required a notarization since we couldn't do so in person. This was a first for us. Luckily, our daughter's work requires she be a notary. You might check around and find a friend, my school secretary was also a notary as most were in our district so a call to the local school might make for a short run to get it done.

Our biggest problem (besides having to pay on huge wins this year) was not getting a card at one casino in Oklahoma. We thought we'd just play for a while. Two G statements and hours of play later killed us as we ended up playing there three nights.

Besides the Win-Loss statements we ask for a total "coin-in/coin-out" statement from the Isle - our primary casino. This allows us a way to accurately check annual play (versus wins-loss which isn't a true reflection) and as a back up in case we're audited.   It took an act of congress (direct to the GM) to get it originally but the CI-CO is wonderful. and very informative.

[marie meijer]

Tks LL for your interesting comments!Furthermore, I accidentally won $6K on two hits at Harrah's, Joliet, IL and received two W2Gs. On the state tax portion "where required". I have asked a tax guy, three smart members on this site and searched the net to no avail. I know I have to pay federal taxes on those wins. I assume I am also responsible to pay my MI taxes on that $6K from IL. It appears MI is reciprocal with IL. Any ideas on this one?