hamstockman wrote:
> I had another successful year playing VP in 2007. This is the time
> of the year to accumulate tax information, so I asked for a won/loss
> statement from a casino that I had been on the negative side. I
> was quite surprised to find it was about $1500 more than my
> calculations.
> I realized that this difference was the amount of free play that I
> had from this casino. So, this free play comes to me in a tax free
> manner (unlike other money in my pocket) and in addition if I lose
> this money
> (I did), I get to take it as a tax deduction as a gambling loss on
> my schedule A.
dds2124 wrote:
> Interesting.
> I'll have to check mine very closely.
I know of no casino that includes player cash incentives in it's
win/loss statement -- be it free play, cashback, cash bonuses, etc.
Win/Loss statements typically track only the result of wagers at the
machine. (I expect that wagers during the play off of Free Play
credits is excluded.)
Whether you can exclude any of these cash infusions from your play
results for tax accounting is a matter of interpretation of the tax
regulations. I'll suggest that from a constructive interpretation
that all are to be included. However, as I said, that's up to the
taxpayer to decide for themselves (and the IRS, during an audit).
I know of some filers who include all cash incentives, but exclude
merchandise ones. Once again, it would be instructive to know Miss
Craps experience in this area in her audit (but were I her, this is
something I wouldn't elect to disclose here under any circumstance)
- Harry
Earn your degree in as few as 2 years - Advance your career with an AS, BS, MS degree - College-Finder.net.
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