Video Poker Logs for Claiming Losses with IRS
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- Forum Rookie
- Posts: 18
- Joined: Wed Apr 11, 2012 6:12 pm
Re: Video Poker Logs for Claiming Losses with IRS
I am planning to start a log, but I am unsure how to keep track of my coin in. Since, # of hands is impossible to count & I don't have a consistent speed of play, what would be the next best thing?
Recently, I asked at my local casino what the point value was for VP on my players card and I received a blank stare in return (from the players club). After asking 2 other personnel she finally said we believe it's double. Then asked "what amount do I double?" and she said it's about $128 for 1 point. Very confused, because I earned 89 points on my last visit...that's impossible, I didn't spend enough $ to equal their "about" point calculation.
Recently, I asked at my local casino what the point value was for VP on my players card and I received a blank stare in return (from the players club). After asking 2 other personnel she finally said we believe it's double. Then asked "what amount do I double?" and she said it's about $128 for 1 point. Very confused, because I earned 89 points on my last visit...that's impossible, I didn't spend enough $ to equal their "about" point calculation.
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- VP Veteran
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- Joined: Sun May 08, 2011 11:35 pm
The amount of coin in doesnt seem to be an issue in audits, from what Ive read on different forums. That makes sense too, because who cares and what difference does it make what a taxpayer puts through the machine in play. You could put through a hundred thousand dollars today and end up winning thirty smackeroos. The $30 is the only thing reportable out of that (I wouldnt report it, but some may) along with todays date, where you played, and if you got any tax forms. Some people are scared into thinking they have to report machine numbers, denoms played, and how many potty breaks they took. Those in the know dont do that.
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- Video Poker Master
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DK,
Contact the casino's Director of Player Development (DPD) or Head of Marketing and they will be able to give you accurate data. I've also found it possible to figure the amount/point by starting with any point and adding up how many "coins in" how much $ to make the next point come up. Often in VP $10 to $20 seems norm in the casinos we play.
We also track our annual "coin-in/coin-out" by having theDPD send us an excel spreadsheet of our daily play or the total "CI-CO". It often takes a few attempts to get them to realize why you would want this data. They'll claim it proprietary, etc. But, after explaining to the Casino GM and Director they understood it the best guide for us in knowing how much we play annually. Win/Loss only tells us our final annual wins/losses.
We haven't been audited but we use our win/loss statements and haven't been questioned by IRS.
Contact the casino's Director of Player Development (DPD) or Head of Marketing and they will be able to give you accurate data. I've also found it possible to figure the amount/point by starting with any point and adding up how many "coins in" how much $ to make the next point come up. Often in VP $10 to $20 seems norm in the casinos we play.
We also track our annual "coin-in/coin-out" by having theDPD send us an excel spreadsheet of our daily play or the total "CI-CO". It often takes a few attempts to get them to realize why you would want this data. They'll claim it proprietary, etc. But, after explaining to the Casino GM and Director they understood it the best guide for us in knowing how much we play annually. Win/Loss only tells us our final annual wins/losses.
We haven't been audited but we use our win/loss statements and haven't been questioned by IRS.