--- In vpFREE@yahoogroups.
>
> Okay, now here's my problem: Say I put a Benji into a machine. Five
> plays later, pull a quad but don't cash out. Then, I continue playing
> and like a stupid, rather than cash out, I play it down to zero. Do I
> just note the $100 as a loss or do I need to record the quad? If so,
> do I log $250 as put into the machine or is it a wash?
>>>>>>>>>>>>
A very strict interpretation of the IRS rules would have you recording
EVERY wager and EVERY result for each hand you play, but this is just
plain ridiculous. It is much more realistic to record results
by "session" - although I don't believe the IRS provides a definition
of "session". If you walk into a casino with $3000 and leave with
$2900, record this as a $100 loss for the session. If you walk in with
$3000 and leave with $3100, record this as a $100 win for the session.
Just about everyone does it this way. Some people take a more liberal
approach to what constitutes a "session" and record results by "day" or
by "trip", which may or may not pass an audit, but I get the impression
that most people start a new "session" when they change casinos.
EE
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