Question on record keeping.

[billryan]

I go to the casino with $100. Early on, I hit Four Queens for a $50 payout, so my high water mark is $162.
Two hours later, I leave with $50.
Did I lose $50 or $112?
I've always used the money going in vs money coming out method, but it's not exactly accurate. For example,if I were to hit a Royal Flush, but piss it all back, this wouldn't be reflected at all.

[case]

Gambling is up and down, repeated. It is what I leave with VS what I start with that determines my day. To me you are never up or down until you walk out the door.

If I leave home with 100 and go home with 200.....I am up! What happens in between is gambling.

[Come Back Kid]

I agree with Case! I would say, down $50...I still may do the, could've, should've, to myself, but bottom line is down $50. (what happens in the casino, stays in the casino)

[olds442jetaway]

Fifty is the number. The IRS is working on some new session rules but I don't have the specifics and I don't think they have been put to play yet. To me, this session rule is BS anyway. It should be no different than your stock market wins and losses which are determined on an annual basis. A session should be your coin in for the year minus your coin out for the year. That should be your win or loss. What difference does it make if you leave the casino and go to another down the street. Should be part of the same session, but it is not as far as IRS is concerned. It gets even more complicated when you say play tables then slots. Separate sessions again and on and on. As far as the state getting their grubby little hands in there taxing us on the gross winnings, double BS for that. Trouble is we let the legislatures get away with it. At least in my state they did.