Gold Exclusive
My Favorites
[QUOTE=Tedlark] I had a hand pay in Indiana earlier this year and Indiana state tax was taken out.I was told that it is taken from every out of state resident.[/QUOTE.
Same with me...I have one indiana hand pay of 1250 for a wheel of fortune spin on a 10 $ machine...they took out the state taxes and I was hoping not to file an Indiana return but now I'm thinking maybe I should
Tax Questions
-
DKStoner
- Forum Rookie
- Posts: 18
- Joined: Wed Apr 11, 2012 6:12 pm
Thanks Everyone! I am really looking for answers to Questions #2 & #3, even if it is a link to another page where I can read up on my own.
Since I haven't been keeping "records" I may have some difficulty at tax time.
Since I haven't been keeping "records" I may have some difficulty at tax time.
-
BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
Thanks Everyone! I am really looking for answers to Questions #2 & #3, even if it is a link to another page where I can read up on my own.
Since I haven't been keeping "records" I may have some difficulty at tax time.
All of the casino groups that I play in, even the cruise ships, have online forms that you complete, and they will send you your Win/Loss statements.
Since I haven't been keeping "records" I may have some difficulty at tax time.
All of the casino groups that I play in, even the cruise ships, have online forms that you complete, and they will send you your Win/Loss statements.
-
DKStoner
- Forum Rookie
- Posts: 18
- Joined: Wed Apr 11, 2012 6:12 pm
I asked a casino that I went to this past weekend for a coin in/coin out statement. 3 people at the players club and even a host said they had never heard of them before..
I wrote down my winnings over $100 per hand and tried to estimate how much I put into each machine, but I didn't count every hand I played. It's quite difficult to keep track!
I wrote down my winnings over $100 per hand and tried to estimate how much I put into each machine, but I didn't count every hand I played. It's quite difficult to keep track!
-
shadowman
- Video Poker Master
- Posts: 3587
- Joined: Mon Oct 23, 2006 5:42 pm
Coin-in and coin-out records are not required by law. I think win/loss statements are required.
-
FloridaPhil
- Video Poker Master
- Posts: 6229
- Joined: Sat Jul 19, 2008 11:28 am
Here's what I keep in my little notebook. I believe it would pass any IRS audit.
Date
Time I start to play
Time I stop playing
Name of the Casino/Casinos
Name of any people with me
Cash played
Net winnings or loss
Machine numbers
I also keep the dates of any royal flushes or single hits of $1,000 or more, but that is for me not the IRS. People are always asking me what I'm writing in my little book. I smile and tell them I'm going to write a book when I win $1 million dollars. That always gets a smile from knowledgeable players.
Date
Time I start to play
Time I stop playing
Name of the Casino/Casinos
Name of any people with me
Cash played
Net winnings or loss
Machine numbers
I also keep the dates of any royal flushes or single hits of $1,000 or more, but that is for me not the IRS. People are always asking me what I'm writing in my little book. I smile and tell them I'm going to write a book when I win $1 million dollars. That always gets a smile from knowledgeable players.
-
DKStoner
- Forum Rookie
- Posts: 18
- Joined: Wed Apr 11, 2012 6:12 pm
Thank You FloridaPhil!
How do you equate everything you write down to your win/loss statement?
I am assuming it's only fair since I don't have anything in writing for all the small wins ($1199 & less) to show the final # on the win/loss statement.
Example: $20K in W2G's but win/loss shows $10k profit - Use this statement as documentation of $10K LOSS to decrease my taxable winnings?
How do you equate everything you write down to your win/loss statement?
I am assuming it's only fair since I don't have anything in writing for all the small wins ($1199 & less) to show the final # on the win/loss statement.
Example: $20K in W2G's but win/loss shows $10k profit - Use this statement as documentation of $10K LOSS to decrease my taxable winnings?
-
Lucky Larry
- Video Poker Master
- Posts: 2693
- Joined: Sat Dec 13, 2008 7:35 pm
I asked a casino that I went to this past weekend for a coin in/coin out statement. 3 people at the players club and even a host said they had never heard of them before..
I wrote down my winnings over $100 per hand and tried to estimate how much I put into each machine, but I didn't count every hand I played. It's quite difficult to keep track!
I'm not surprised. Most employees-player's club, hosts, etc. don't have the security access to CI/CO information or know about it. But, the heads of marketing and Director's of Player Development do and that's where we go. You may still have a hassle - (they'll tell you its proprietary/confidential information). But, being insistent and making friends has gotten us our CI/CO every year. I explain the how the data gives me a better idea of our annual play than W/L so we can maintain a certain level they have assisted, it has often taken several requests though to get it. I prefer CI/CO data over Win/Loss because it tells me our annual level of play.
You can get a fairly good estimate by recording your session points and multiplying by the $Coin In it takes to earn one point. ex. $20/CI = 1 pt. 200 points in a session 200 X 20 = $4000 CI. Sweet C almost fainted the first time I got the report and told her she'd played over $750,000 CI in a year playing $.25 VP.
I wrote down my winnings over $100 per hand and tried to estimate how much I put into each machine, but I didn't count every hand I played. It's quite difficult to keep track!
I'm not surprised. Most employees-player's club, hosts, etc. don't have the security access to CI/CO information or know about it. But, the heads of marketing and Director's of Player Development do and that's where we go. You may still have a hassle - (they'll tell you its proprietary/confidential information). But, being insistent and making friends has gotten us our CI/CO every year. I explain the how the data gives me a better idea of our annual play than W/L so we can maintain a certain level they have assisted, it has often taken several requests though to get it. I prefer CI/CO data over Win/Loss because it tells me our annual level of play.
You can get a fairly good estimate by recording your session points and multiplying by the $Coin In it takes to earn one point. ex. $20/CI = 1 pt. 200 points in a session 200 X 20 = $4000 CI. Sweet C almost fainted the first time I got the report and told her she'd played over $750,000 CI in a year playing $.25 VP.
