Table Games My first handpay and "jackpot" (!!!) - pictures and questions

oh contraire-Sire Shifter

Your scaring the Nuubs*

On a Single $1200 1099-G, the win loss statement from the players club would be just fine.

Casinos provide win/loss statements for a reason, not just to track comps.

Now if your a low down, dirty degenerate gambler, (wink, wink)
with wins into the 10k to 1Mil+, &/or Sports betting yes, you need to log.

(In the event & only in the Event, you are Audited by the IRS, as this tracking shows no useful purpose, other than Audit Defense).

Congrats on your 1st handpay.

I'm tired of having to backpetal posts, because I have a different opinion.

So im gona throw in my 2 Cents.
Nothing foul to Shifter, but were talking about 1 Lone 1099-G for 1 single $1200 jackpot!
Thats it!

 

As to the last poster, I agree. Unless you are audited, you will not have to show anything.

In fact one year that I did not do electronic filing, I did not send in the W-2s. Only included the numbers. They sent me a letter and I sent them the W-2s. That was the end of it. No request for anything else. Probably close to $10k in winnings, all deducted as well.

 

oh i agree. but you know when they come calling for the audit, they're looking for any reason to nickel and dime you for whatever they can. if they can get an extra ~$250 from you because you don't have proof of $1200 in losses and they can hit you with the tax from that, they will. you can definitely do whatever you want and as long as you don't get audited, it will be fine. personally i just like to know what i'm potentially getting myself into before i make a decision.

 

Not that I would do this,

Keep a database of every trip including dates, arrival times, departure times, hotels etc.

If you do get audited and are required to prove losses, it makes it a whole easier to create a log and fill in numbers, locations, machine #s, if you at least have an outline of your trips, rather than trying to do that in May, June or July for the previous year if you get the dreaded letter from them.

Most we've ever won in one year is $14K+ and never have been audited. I use Turbo Tax.

 

Shifter is correct...my accountant told me to track my losses on slot machines by name of slot and slot machine number, date, time, location. He also told me to track my table losses by table number, date, time and pitt boss name and location. He advised me the more detail you have when it comes to an audit, if it does occur, the better. So I carry a little notebook with me when I gamble.

 

Hey, if I was your accountant I would tell you to do all that stuff as well. No sweat off his back. Much easier for him if anything every comes up. Carrying around a notebook is pain in the a$$ for me and I am not going to bother. Just sayin.

 

To each his own...but when the IRS comes knocking I don't want to get caught off guard. A little note book in the pocket is really not big deal, I'm so used to it now I just abbreviate things and on I go. I'm not worried about if it is a problem for my accountant, all I want him to do is his job. I play at a level that demands copious notes and backup to prove my wins and losses.