Not everyone who gambles is required to report gambling activity on their return. The IRS only wants to know about WINNINGS. Most people lose you know. These big giant gambling casinos don't exist because people are winning. Although that is the illusiion they wish to portray. VERY few people who enter the casino actually come out ahead for the year. Most of them are posting on this board, LOL.
1
--- In vpFREE@yahoogroups.com, Barry Glazer <b.glazer@...> wrote:
>
> Can't imagine what the IRS would do with such information, except perhaps to use it to check a return to see if ANY gambling activity is reported. The fact that a given individual cashed a TITO ticket gives absolutely no information as to whether they won or lost, and the IRS has already (as I understand it) decided that even casino-issued win-loss summaries at end of year are not "evidence" of gambling wins/losses, although they might be persuasive. Such win-loss statements, if shared with the IRS, MIGHT be of more use to them.
>
> If, of course, one is gambling, one is required to report the results of one's activity on your return, so if you document that you played by cashing a ticket but don't have any gambling activity on your return, you might be subject to audit, and perhaps even fraud charges for failure to report income. Perhaps the kiosks that redeem TITO tickets are a better choice, but I'm sure once the ticket is printed, IF the casino wanted to give info to the IRS, they can do so no matter how the ticket is cashed.
>
> I suppose one could argue that one left their card in a machine and forgot it (I am pretty sure I lost a card yesterday that way), and that the activity on the TITO was not their own (no such luck, when I returned, the card was gone) -- but you still have left a trail that you've played, even if you say you just left a card in the machine.
>
> --BG
> ================
>
>
> > 1c. Re: Info when you cash a ticket
> > Posted by: "tomflush" tomflush@...
> > ny_urban_cowboy
> > Date: Thu Oct 13, 2011 2:59 pm ((PDT))
> >
> >
> >
> > > Wow, very interesting. Hopefully this has caught a few
> > would be thieves
> > > along the way. <
> > Yeah, like maybe this information is gathered and
> > sent straight to the IRS,
> > since casino's also have your Social Security number.
> >
>
