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How do you keep track of your table winning for tax purposes without a W2-G?

Discussion in 'Non-Vegas Chat' started by Kisby, Feb 6, 2019.

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  1. Kisby

    Kisby High-Roller

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  2. wormhole

    wormhole VIP Whale

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    Ehat winnings? :rolleyes:
     
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  3. Emerson

    Emerson High-Roller

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    Nobody wins.
     
  4. WichitaMuskie

    WichitaMuskie VIP Whale

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    I keep track of every hand I play on my phone and report every single winning hand. In strict compliance with the letter of the Internal Revenue Code. I assume everyone else does the same?
     
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  5. remmerde

    remmerde VMB's Resident Cigar Sommelier

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    I don't get the flippant sarcasm about this. It's not hard to track wins/losses on a contemporaneous per-session basis, which is all the IRS really can push you for if it comes down to it. Use the Notes app on your iphone, date, location, game, denomination, money in, money out. That's it. Super easy. And by doing that you're prepared to (legally and correctly) offset that big win you get in December that generates a W-2G.

    Simple example of how I put it in my note:

    2/6/2019 Ballys, $0.25 VP, $300in, $125out, net -175

    Simple. Takes 30 seconds to do (you can easily do it while standing in line to cash your TITO). Each session gets its own line. I keep one single note for each year's gambling. Syncs to iCloud, you can print it out at tax time if needed.

    If you can't do it because you're falling down drunk when you leave the slot? Okay, then do it the next day when you're sober. Shouldn't be hard to figure out how much went out, and hopefully you can remember what you played. If you can't remember roughly how much money you lost gambling the previous night, then you got bigger problems than a potential IRS audit.
     
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  6. WichitaMuskie

    WichitaMuskie VIP Whale

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    You talked a lot about losses here. As you can see from the title, this thread is about tracking winnings. And of course, after the tracking there is the very conscientious reporting of said winnings to the Internal Revenue Service.
     
  7. meyers67

    meyers67 VIP Whale

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    My taxes are only impacted by W2gs, so table winnings aren’t impacting my taxes.
     
  8. WichitaMuskie

    WichitaMuskie VIP Whale

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    You are clearly a blatant tax cheat. Pretty sure you’re the only one. Tsk, tsk.
     
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  9. nostresshere

    nostresshere Mr. Anti Debit Card

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    Every single time I sit down at a BJ table, I walk away with less than I started.

    What is the issue? LOL!?!?

    And, many times I play slots and even if I get a W2-G, I walk away with less than I started.

    Explain that please.
     
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  10. remmerde

    remmerde VMB's Resident Cigar Sommelier

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    Ah you're right, I kind of mis-read the first post. And I forgot...I'm the only one on this message board who ends up a net loser most (all) years. :)
     
  11. nostresshere

    nostresshere Mr. Anti Debit Card

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    No... there are only a few that are honest (naive) enough to report we do not win. I prefer to count my time gambling as donations to the casino.
     
  12. The Rumor

    The Rumor VIP Whale

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    Technically, you should be tracking every session.

    In practice, it's really only likely to come up if you're getting W-2s/1099s/a tax form that shows them you played games - especially if you then claim losses as an offset when you itemize. Alternatively, it could come up if you're audited for other reasons, but you might be able to make it go away with a few win loss statements that show aggregate losses.

    If you're playing $100 buy ins at blackjack 5 times a year...I'd care about it less than if you're playing Wonder 4 Tower and getting W2-Gs.
     
  13. Jackpot Johnny

    Jackpot Johnny Wynn Fan

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    I used my casino account end year statement to net/reduce a big W2-G win one year and the IRS accepted it without a peep. Except for the win my year was pretty bad, so I was glad to offset.
     
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  14. nostresshere

    nostresshere Mr. Anti Debit Card

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    When you say the IRS accepted it, are you talking about a normal filing, or was there an audit?

    Did you include the W2g as income and then deduct losses, or not report the W2-G at all?
     
    Last edited: Feb 7, 2019
  15. Jackpot Johnny

    Jackpot Johnny Wynn Fan

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    We were fairly high income over the last twenty years with a reasonably complicated tax filing, so we’re audited about once every five years. That was an audit year. We have never paid more tax as the result of an audit, and only a couple of times have they ever asked for more documentation, but they audit just the same. Our CPA didn’t think the casino account statement would be enough documentation to reduce my tax, but they breezed right by with it. The only thing it said was estimated table games win/loss and machine win/loss. Obviously, the machine win/loss can be claimed to be exact if you claim you’re using your card (and they don’t challenge that too). We didn’t get into it. I would certainly not depend on it. I did pay taxes on my net win for the year, and a whole lot more tax besides. It probably helps that we pay a lot of taxes, we are represented by a very qualified CPA, we’ve never been found to owe anything additional and we don’t try to push any boundary. If you think your casino account is enough record and you read the regs, it’s not, but they took it. You really should keep a daily record.
     
    Last edited: Feb 7, 2019
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  16. meyers67

    meyers67 VIP Whale

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    Regarding video poker, I had a year with about $50,000 in w2gs. It was a break even year for me - and I do keep records on a session by session basis and my yearly summary from the casino verified this.

    I just put $50k on the front page of the 1040 and $50k in itemized deductions.
     
  17. nostresshere

    nostresshere Mr. Anti Debit Card

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    thanks for the feedback.

    The few folks that have ACTUALLY been through an audit seem to come out okay with casino records. Those that have not often quote the IRS regs which are a bit crazy, but I understand the regs. Each person can go with what they feel comfortable with.

    The bulk of folks that itemize seem fine with an offsetting deduction. In 10+ years of W2-gs, never been questioned on that. Always, always with no gain in our case. That will change for many this year though with the higher standard deduction.

    Personally, never had real audit, but have gotten letters questioning various things. And most letters come with what they figure we owe asking for tax money, interest and penalties. But after responding, have never paid, even the year I realize we owed a little bit. LOL! Stuff like cashed bonds, gains that generated 1099's even though they were inside an IRA, interest issues, HSA expenses... and something else...forget.
     
  18. Astribling

    Astribling Alice In Casinoland

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    I have an app on my phone that I use to record trips and sessions, wins, losses, etc. Pretty easy to do really.
     
  19. Calder

    Calder VIP Whale

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    And don't forget to report those comps...
     
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  20. Top Dog

    Top Dog Low-Roller

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    When offsetting your wins, is the loss number the only thing that actually goes on the taxes, with the back up information kept by the tax payer in case any questions arise?
     
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