River Spirit Casino Win Loss Statement
- River Spirit Casino Win Loss Statement
- Four Winds Casino Win Loss Statement
- Hollywood Casino Win Loss Statements
- River Spirit Casino Win Loss Statement 2017
Most impt thing is to report all W2g's (handpays) reported to IRS by casinos- or their computers will automatically pickup a discrepancy.
'Gamblers frequently rely upon myths, urban legends and bad tax advice when it comes time to prepare their individual income tax returns.'
MYTH #3: I can use a win/loss statement from the Casino to prove my gambling losses.
TRUTH: Wrong! The IRS consistently disallows such win/loss statements from Casinos since they frequently report the amount of wins or losses as a “net” amount. (Remember, wins are reported on Page 1 of IRS Form 1040 and losses are reported on IRS Schedule A.) Furthermore, the win/loss statements frequently include language stating that they are merely “estimates” and should not be relied upon.'
http://www.ladyluckdiary.com/the-myths/
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IRS Revenue Procedure 77-29
by UNCLE SAM on AUGUST 31, 2010
SECTION 3. PROCEDURES.
An accurate diary or similar record regularly maintained by the taxpayer, supplemented by verifiable documentation will usually be acceptable evidence for substantiation of wagering winnings and losses. In general, the diary should contain at least the following information:
Date and type of specific wager or wagering activity;
Name of gambling establishment;
Address or location of gambling establishment;
Name(s) of other person(s) (if any) present with taxpayer at gambling establishment; and
Amount(s) won or lost.
Verifiable documentation for gambling transactions includes but is not limited to Forms, W-2G; Forms 5754, Statement by Person Receiving Gambling Winnings; wagering tickets, canceled checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to the taxpayer by the gambling establishment.
Where possible, the diary and available documentation generated with the placement and settlement of a wager should be further supported by other documentation of the taxpayer’s wagering activity or visit to a gambling establishment. Such documentation includes, but is not limited to, hotel bills, airline tickets, gasoline credit cards, canceled checks, credit records, bank deposits, and bank withdrawals.
Additional supporting evidence could also include affidavits or testimony from responsible gambling officials regarding wagering activity.
http://www.ladyluckdiary.com/irs-information/irs-revenue-procedure-77-29/
MYTH #3: I can use a win/loss statement from the Casino to prove my gambling losses.
TRUTH: Wrong! The IRS consistently disallows such win/loss statements
W2G Request Form To request a copy of your W2G Tax Form(s) please contact the Island Club at (800) 682-6040 ext 2124 or by email at islandclub@islandresortandcasino.com. Win-Loss Request Form To request a copy of your Win-Loss Report, please complete the Win-Loss Request Form provided above. Select the statement icon from the left hand side of the balance detail screen. Select the Tax Year for your Win/Loss Statement and select “Generate Statement”. A report for each Seneca property in which you had played will generate on a separate tab along with a.
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Win Loss Statements. Twin River Rewards Club members are now able to receive win/loss statements emailed to them via the Twin River mobile app! Search for ‘Twin River’ in your app store today! PLEASE NOTE: 2019 statements will not be available until January, 2020. Please use the form below to receive your win loss statement. The casino ties the win/loss statement to guests' players cards, so they are sometimes inaccurate. Many casinos allow guests to log in to the casino website to view their win/loss statements, notes Total Rewards. Gamblers use win/loss statements as a way to keep track of their net win or loss for the year, for tax purposes, states Trib Total Media.
River Spirit Casino Win Loss Statement
It's a 'myth' to say that the IRS does anything 'consistently' where gambling is concerned. The one time I've dealt with IRS auditors, I provided a detailed contemporaneously-recorded daily diary, and they wanted to know where my casino won/loss statements were. They did eventually accept my documentation, but if I'd been able to provide won/loss statements it would have been useful. (I wasn't, as one of the two tiny casinos where most of my action occurred that year (over 500 W2G's totalling around a million) had no player tracking at all.)
Get and keep everything you can, who the hell knows what will satisfy the bozo who happens to look at your particular case.
Four Winds Casino Win Loss Statement
The IRS didn't want to accept them because they were afraid players weren't using their players card or pulled it out of the machine to create losses. For the most part these days pulling your card doesn't work because the information is recorded on the last played hand whether you pull your card or not. In addition it would be stupid to play without a card as you cost yourself comp points and cash back. The IRS should accept the win/loss statements provided the casinos you claim you lost the money on your logs have player tracking cards.
Hollywood Casino Win Loss Statements
I can tell you it works on electronic roulette or craps.That's because the outcome has to be 'read' by the computer and there is a delay, (approximately 2-4 seconds) where the machine freezes to log the outcome and then compute wins and losses at each seat.
If you glare at the dice and yank your card out as soon as you determine you are a winner you will keep the action from being recorded. At least, that is true of the casinos I have played and tried it on.
I did some tests where I simulated losses and simulated wins to see if I could get better comps and for the most part it works. However, I would not suggest doing that since it looks suspicious to the eye in the sky. You might get away with it in Craps if you simulate a loss on seven outs (you only sporadically remove your card then.)
I can tell you it works on electronic roulette or craps.
That's because the outcome has to be 'read' by the computer and there is a delay, (approximately 2-4 seconds) where the machine freezes to log the outcome and then compute wins and losses at each seat.
If you glare at the dice and yank your card out as soon as you determine you are a winner you will keep the action from being recorded. At least, that is true of the casinos I have played and tried it on.
I did some tests where I simulated losses and simulated wins to see if I could get better comps and for the most part it works. However, I would not suggest doing that since it looks suspicious to the eye in the sky. You might get away with it in Craps if you simulate a loss on seven outs (you only sporadically remove your card then.)[/q
good info-tx]