I'm still not sure why you say you owe taxes. Table game wins are not reported to the IRS (except for jackpots of 300-1 odds or longer). Even if you are the only big-chip player at the table and the pit boss is able to calculate your true result from the chip inventory, who is going to argue with you if you report your session results net of tips? While it's not spelled out in the tax code, I imagine there are very few people who voluntarily add the amount they tipped to their win/loss entry in their diary. Most people don't even keep a diary.

If you're talking about the casino year-end win/loss report, that is not given to the IRS and is not considered accurate for tax purposes.

There are many ways the tax code is unpleasant for gamblers. It seems to me like you're creating a new one where you don't need to.

QL

Yeah I know.

I worked in the states and in the UK and the tracking in the states is weaker. But in the states I play in the VIP room in the Borg when in ac which is tracked correctly due to fewer player and more experiences staff.

Or I'm playing black action with the heathens- either way I'm getting tracked 'right' which is in fact 'wrong'.

Because if I have a w4g from a 300 table win or a $1200 slot win I need paperwork to offset the win.

If I claim that my 10k in Jackpots was washed by my 10k in table losses and am audited and show supporting evidence stating my win/loss from that casino was not a loss of 10k but a win of 3k I'm in all sorts of trouble with the IRS.

Once the casino reports, I need further evidence from them to show its negated or else I have to pay.

I assume you mean W-2G. No, you don't need anything from the casino, just your diary. Casino win/loss statements are notoriously inaccurate. The IRS requires you to keep a diary in order to deduct losses. Hardly anyone does.

That being said, you need to report at least the total of all your W-2Gs on line 21 or you will get an automatic letter audit.

Yep w2 thanks for the correction. However, my interpretation of the law is that the diary alone will not suffice and will require further supporting documentation:


'It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.'

Note the second sentence here.

Fortunately, you don't have to read the tax code and guess at what it means. There's an excellent book called Tax Help for Gamblers By Chien and Scott that explains it all.

QL

If that is the case, that I can just submit my version of events in a diary with contrary proof from the w/l I'd be very pleasantly surprised. Does that book come with a guarantee that I won't lose hearing with the IRS if I just keep a diary?

You don't submit either your diary or the casino win/loss form. I highly suggest you read the book. If you're still concerned, call Marissa Chien and hire her firm to do your taxes or to represent you at an audit. But if you're talking about $3000 I don't think you're high up on the IRS's priority list.

QL

The numbers cited were examples, and I have sufficient losses, unfortunately, to eradicate the wins this year. So it is simply the principle of the matter that irks.

My issue throughout the entire thread is the way the casino reports is incorrect and that remains true.

I know I wouldn't submit at tax time, but at Audit time such things would be important.

If I have an audit I would much rather have evidence that backs up my claims properly, otherwise when I call upon a report from the casino to support my claim I then have to argue that the supporting evidence is incorrect.

It would be a lot more high percentage to have such supporting evidence actually match what you are claiming properly.

Lawyers and Accountants can make a good case, but such people are on both sides of the Audit and both rely on Evidence and Documentation to support their claim.

Well, you technically cannot deduct your tips from your gambling winnings, so in that sense if the casino report were accurate it would not help you. But they aren't accurate, even excluding the tip issue, so if I could wave a magic wand and have you stop being irked, I would. :)

QL

You did already, I learned who you are and I must say it is very interesting. Does your book come in Kindle format?

Classic! ROAR! :D

Haha yes, both my books are available in Kindle format. :)

QL

Matchplay/Slot Dollars Earnings?
 

I am a bit confused with how the earning system works at The Borgata. My boyfriend and I go there at least once a week and play blackjack, roulette and sometimes slots. We have not received any matchplay in about 6 months, but receive slot dollars weekly. We were told by the hotel that this is because we play more slots than table games. This makes no sense because we very rarely play slots, but we do spend most of our time on roulette and blackjack. Can someone explain the way earnings and comps are calculated?

Ask a host about your play. Ask for average bet and duration. These along with game type will impact your comp.

I receive about $400 match plays per weekend trip, $50 in bonus comp dollars and get random 1 day slot dollar bonus of $120. 7 day availability in waterclub or Fiore suites at borgata.

I have recently only played slots but still get the match plays. For perspective I typically earn about $100 comp dollars and $50 slot dollars per visit, I just came back tonight from a weekend and haven't got the report back yet, probably earned a bit more than that this weekend.

Play was penny slots max bet 2-3hrs total over the weekend.